What is required to conclude a General Assignment?
An agreement executed by a responsible party(s) of the corporation, ratified by a corporate resolution and an executed acceptance by the Assignee. In California and some other states the Assignor is required to provide a certified copy of all amounts owed by the corporation with contact names and addresses. What happens to the corporate or partnership assets? The corporation is divested of all its assets at the time of the execution of the documents and the Assignee will marshal all assets, then cause them to be liquidated as quickly as possible. Separate bank trust accounts are set up for each case. Administrative costs are paid on an ongoing basis and distribution to secured parties and priorities are made as quickly as possible. Unsecured creditors are required to file their claims within the statutory period of 180 days.
