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:
“To have in general but little feeling, seems to be the only security against feeling too much on any particular occasion.”
—George Eliot [Mary Ann (or Marian)