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Court-Appointed Partition Referees and Post-Judgment Receiverships Business relationships sour, married couples split up, and family members can’t agree on what to do about a property they share. When these situations can’t be resolved through other means, the courts may appoint a partition referee.

An Assignment for the Benefit of Creditors (ABC) is a legal process through which a financially distressed business voluntarily transfers its assets to a third-party assignee for the purpose of liquidating those assets and distributing the proceeds to its creditors. ABC is an alternative to formal bankruptcy proceedings and is governed by state laws in the United States. In this article, we will explain why an ABC can potentially be a good alternative to bankruptcy, and other reasons why a distressed business should consider it.

Unfortunately, out of the 4.2 million small businesses in California, there are numerous closures every year. Businesses fail, corporations go into bankruptcy, and many Californians are left trying to figure out how to weather the storm.

By Neil Sheaffer

At the time of writing this post, the number of Coronavirus (COVID-19) cases in the United States is rising. The World Health Organization (WHO) officially declared a pandemic. The Governor of California issued a “Stay-at-Home” Order to reduce the spread of the coronavirus by limiting non-essential activity. The courts in California are generally closed to the public. Being engulfed in the receivership industry, we have extensive experience with unsafe and unsanitary living conditions. Griswold Law often deals with properties that pose significant health and safety risks to communities across California. However, the COVID-19 outbreak is the first public health emergency that caused California to quarantine itself. Griswold Law is adapting as quickly as possible to these changing circumstances.

Health and Safety Receiverships can successfully remedy substandard commercial properties in California. Substandard commercial properties may be neglected by absentee owners or landlords causing the property to fall into distress or disrepair. Maintenance needs of substandard income-producing commercial properties are often ignored by the owner to maximize profit by minimizing expenses on needed maintenance. A Court-Appointed Health and Safety Receiver can be the solution to protect communities and tenants from substandard commercial properties.