12. Does my secured creditor have to consent to the General Assignment?
Not always. If the ABC will:
Provide for immediate full payment to the secured creditor;
Provide for a sale subject to secured creditors interests; or
The liquidation of assets can be accomplished without the using or interfering with the secured creditor's collateral
However, there are circumstances where he piecemeal liquidation will require the secured creditor to consent to the use of the proceeds of its collateral for paying the costs of liquidation. Under these circumstances Equitable Transitions
Prepares a liquidation budget setting forth the funds that will be required to complete the liquidation;
Negotiates a subordination agreement with the secured creditor to allow for payment of the costs of the liquidation;
