A general assignment or assignment is a concept in bankruptcy law that has a similar meaning, due to common law ancestry, in different jurisdictions, but wide dispersion in practical application. The "assignment for the benefit of creditors", also known as an ABC or AFBC is an alternative to bankruptcy, which is a "general assignment"/"assignment" concept.
Famous quotes containing the word general:
“There has always been the same amount of light in the world. The new and missing stars, the comets and eclipses, do not affect the general illumination, for only our glasses appreciate them.”
—Henry David Thoreau (18171862)