Key Documents Every ABC Assignee Needs From the Business

The assignee needs specific documents from the business to administer the estate effectively. Preparing these documents before the assignment is executed reduces delays and costs.

The Document Checklist

Provide the assignee with: corporate formation documents and ownership records, the last three years of tax returns and financial statements, all bank account information and recent statements, a complete accounts receivable aging report, all outstanding contracts, all loan documents and security agreements, all real property deeds and lease agreements, all equipment titles, and all pending litigation files.

Missing documents cost money. Every hour the assignee spends reconstructing information that the business owner could have provided is an hour of administration expense that reduces creditor distributions. Business owners who invest one day in document preparation before the assignment save weeks of administration time.

The California ABC System gives business owners and creditors the exact tools, templates, and step-by-step guidance to navigate an Assignment for Benefit of Creditors — faster and cheaper than bankruptcy. Request your free evaluation here.