General Assignments for the Benefit of Creditors

General Assignments for the Benefit of Creditors

  • Some cannabis businesses cannot continue to operate and must, therefore, be closed and their assets liquidated.
  • As a method of concluding the affairs of a business, the general assignment is faster and more economical than bankruptcy for the creditors of the debtor business.
  • Occasionally, CannaForm, as assignee, will operate the business for a short period of time in order to complete work in process or to attempt to sell the business as a going concern.
  • CannaForm will hold the funds generated from the liquidation in trust, pending verification and satisfaction of secured claims and identification and payment of statutory priorities, after which remaining funds are distributed to creditors on a pro-rata basis.
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