Foley Attorneys Author Article on Uniform Assignment For Benefit of Creditors Act

Foley & Lardner LLP partner Emil Khatchatourian and associate Joseph Harper co-authored The Review of Banking & Financial Services article, “Modernizing ABCS with the Uniform Assignment For Benefit of Creditors Act.”

The authors assess the anticipated impact of the Assignments for the Benefit of Creditors (ABCs) Act on state practices, highlighting its potential to harmonize disparate legal frameworks, expand access for multi-state debtors, and enhance predictability for creditors.

“Ultimately, it is always best practice to plan as much as possible in advance of a chapter 11 filing,” the authors conclude. “However, when those plans go awry, the flexibility of the Bankruptcy Code and creative lawyering can save the day, as evidenced by 4 West Holdings.”