Schafer and Weiner, PLLC Files Assignment for Benefit of Creditors
July, 2023
John Stockdale, Jr. filed an automotive repair shop located in Detroit, Michigan for an assignment for the benefit of creditors (“ABC”) in Wayne County Circuit Court. An ABC is a state court proceeding similar to a receivership or Chapter 7 bankruptcy case. Through the ABC, the assignee anticipates liquidating the business’s assets, contesting many merchant cash advance claims, and distributing the proceeds to creditors.