8. What should be expected of an Assignee, such as Equitable Transitions, once the Assignment for the Benefit of Creditors has been made?
Communication of the ABC to all creditors by mailing a written notice of the ABC, a copy of the General Assignment, and a claim form.
Maintenance of bank accounts
Securing all assets which will be liquidated
Accounting for the disposition of all property including the maintenance of records evidencing the disposition of each asset and the amount received on account of each asset
Regular and periodic communications with creditors regarding the status of the process including accountings, in summary format, of all receipts and disbursements
Maintenance of all claims filed with Assignee and a review of all claims to determine if they are allowable for distribution purposes
Distribution of dividends to creditors as promptly as possible after the deadline for filing claims has transpired
