Committee advances framework offering voluntary alternative to bankruptcy
SB 15 would adopt a statutory framework for 'assignment for benefit of creditors,' providing a voluntary state option that lays out roles for debtors and creditors and adds reporting timeliness; sponsor offered an amendment, which the committee accepted and reported favorably.
The full story
Senator Van presented SB 15, describing it as a uniform statute to provide a voluntary state option — an alternative to bankruptcy — for assignment for benefit of creditors. He told the committee that contracts sometimes reference assignment for benefit of creditors but Alabama lacks a framework and the bill lays out parameters for creditors and debtors.
Sign up to keep reading.
Your free newsletter brings you what your city council, county, and school board discussed and decided.
or