ABC Assignee Financial Support
Vessel Advisors serves as accountant to ABC assignees. Post-assignment operating accounting, notice and claim intake, sale-of-assets support, distribution schedules under state-law priorities, and final tax filings for the assignor. The assignee-side counterpart to our debtor-side ABC guidance.
We run the assignment estate's accounting from the day of assignment through final distribution.
An Assignment for the Benefit of Creditors puts an insolvent company's assets in the hands of a professional assignee, who is charged with liquidating them and distributing proceeds under state-law priority. It is not a bankruptcy, but the assignee's obligations to creditors and to the assignor are enforceable, and the accounting work behind those obligations is the record that defends the assignee's discharge.
We serve as accountant to the assignee. From the day of assignment through final distribution and closing, we run the operating and wind-down accounting, we manage the claim intake and reconciliation, we support the sale of any going-concern component, and we produce the distribution schedules that let the assignee close cleanly. The engagement mix depends on the case: a going-concern sale looks very different from a straight liquidation.
This is the assignee-side counterpart to our debtor-side ABC guidance — the same process, addressed to the professional running it rather than the company entering it.
What We Do
We cover the full arc from assignment through closing.
Post-Assignment Operating Accounting
Where the assignee is operating the business briefly to preserve going-concern value for sale, we run the accounting through the sale close. AR, AP, payroll, tax filings, and cash management — on the assignee's authority and in the assignee's estate accounts.
Notice & Claim Intake
Notice of assignment to creditors and other stakeholders. Claim submission portal or process. Intake, review, and initial categorization of filed claims. The register the assignee will rely on for the distribution schedule.
Sale-of-Assets Support
Where a going-concern or asset sale is part of the wind-down, we build the data room, produce the working-capital analysis, respond to buyer diligence, and support the assignee through close. Timelines are typically compressed. See our selling-a-distressed-business piece.
Claim Reconciliation
Reconciliation of filed claims against the assignor's books. Objection support for duplicative, overstated, or improperly-priority claims. Priority classification under applicable state law. The reconciled claims register that supports the distribution.
Distribution Schedules
Distribution schedule built on the reconciled claims register and the realized proceeds from asset sales. Priority waterfall calibrated to the state under which the assignment was made. Reconciled to every dollar collected and every dollar disbursed since the date of assignment.
Final Tax Filings & Closing
Final federal and state tax filings for the assignor. 1099s to the assignee's professional payees where required. Final accounting to any oversight party. The closing package the assignee retains for the record.
Why This Practice Exists Separately
Assignee-side and debtor-side ABC work are different engagements.
In a debtor-side engagement, we're advising the company on the decision to pursue an ABC and preparing the financial record the assignee will inherit. In an assignee-side engagement, we're that inheriting party's accountant — charged with running the estate on behalf of creditors, not the assignor.
Because our two practices are separate and independent of each other in any given case, we can serve either side without conflict on other matters. In any single ABC we serve one side only.
For Assignees
We can start the day of the assignment.
Post-assignment books, claim intake and reconciliation, sale support, distribution schedules, and final filings — from the day of assignment through closing.
Schedule a Discovery Call
We’ll reach out within one business day.