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Committee advances framework offering voluntary alternative to bankruptcy
Senate Committee on Fiscal Responsibility and Economic Development · January 22, 2026
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Summary
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.
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…
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