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Panel backs uniform assignment-for-benefit-of-creditors law to ease liquidation for small businesses
Utah House Committee (standing) · February 9, 2026
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Summary
HB382 would adopt a uniform Assignment for the Benefit of Creditors process to give distressed businesses a less costly, flexible liquidation alternative to bankruptcy. The committee favorably recommended the bill 8–1.
Representative Tuscher presented HB382, a Uniform Law Commission model to modernize Utah's assignment-for-benefit-of-creditors statute. The sponsor and draft experts said the uniform act preserves creditor protections while making the process faster and less costly for many small businesses compared with federal bankruptcy. The measure clarifies assignee…
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