Assignment for Benefit of Creditors

This process is a non judicial alternative for winding up the affairs of an insolvent business. An assignment if created by a voluntary transfer by a debtor business of its property to an assignee, in trust, who is required to apply the property or its proceeds to creditors under priorities established by law and to return any surplus to the debtor.

For, creditors, this out-of-court proceeding usually results in prompt and larger distributions, because of lower professional fees and other economies. Total Source Financing will efficiently dispose of assets in order to maximize recovery thereby generating the largest return for all creditors. It is less expensive and quicker than filing bankruptcy.

Biography of Professional
This professional graduated from the University of Detroit, and did graduate study at Loyola University and was an officer in the United States Marine Corps. He has served in the Chicago investment banking community for the past 30 years both with his own firm and with two major Wall Street investment banking firms. He has been a partner in a New York Stock Exchange member firm and a consultant/analyst to many publicly held companies. In the past 5 years, he has specialized in creditor compositions; working with companies having from 30 to 300 creditors. The creditor workouts ranged from $500,000 to $3 million. In the past five years, he has successfully completed 20 compositions, refinances and equity infusions. He is the founder and CEO of Total Source Financing.