VIEWS: 43 PAGES: 4 CATEGORY: Drafting Legal Forms POSTED ON: 12/8/2011
This General Assignment Agreement is a contract whereby an insolvent entity ("Assignor") transfers legal and equitable title, as well as control of its property, to a third party ("Assignor") in trust, to apply the proceeds of sale to the assignor's creditors. A general assignment is an alternative to bankruptcy and is structured to save time and expense in concluding the affairs of an insolvent company. Through a general assignment, the insolvent company's assets can be sold quickly and efficiently, and the liquidation proceeds will be distributed to creditors shortly thereafter. This document should be used by insolvent companies located in Missouri as an alternative to filing bankruptcy.
"Missouri General Assignment Agreement"