Evaluating Bankruptcy, Receivership, and Assignment for the Benefit of Creditor Alternatives

This CLE course will compare receiverships, assignments for the benefit of creditors (ABCs), and bankruptcy, reviewing the advantages and disadvantages each offers to buyers, petitioning creditors, debtors, and non-petitioning creditors. The program will discuss what situations each process is best suited to address and key provisions to include in relevant orders and agreements. The panel will also address the Federal Priority Act and the receiver's duties.

Lenders seeking quick and efficient remedies to protect their collateral may turn to receivership, which has become a common alternative to bankruptcy proceedings in recent years. ABCs are another option, often cheaper and faster than receiverships or bankruptcy. Although not sought as frequently, the appointment of a receiver to aid in collecting a judgment is a powerful tool. But there are drawbacks and risks for all parties to receiverships or ABCs not present in the bankruptcy process.

Listen as this panel discusses each process' benefits and drawbacks and the ease or difficulty of obtaining each remedy, relevant statutes, and best practices for all stakeholder constituencies.