Fiduciary Services and Representation
An assignment for the benefit of creditors (or “ABC”) is an out-of-court alternative to bankruptcy that does not require a court filing. Through a process prescribed by the California Code of Civil Procedure, the debtor company assigns its assets to the assignee, a fiduciary whose duties include liquidation of assets and distribution of available funds to creditors. The firm represents assignees, assignors and creditors in ABCs.
The firm has extensive experience and expert knowledge in the representation of trustees in Chapter 7 and Chapter 11 bankruptcy cases. From the time of its founding in 1953, the firm has specialized in insolvency fiduciary representation, and has represented trustees in many thousands of cases. Every attorney of the firm has a deep understanding of the substantive law relating to trustee representation as well as the inherent practical and procedural considerations. Three of the firm’s attorneys are professional Chapter 7 and Chapter 11 trustees, who serve on the panel of trustees for the Central District of California.
In lieu of the appointment of a trustee, an examiner may be appointed in Chapter 11 cases to investigate allegations of fraud, dishonesty, incompetence, misconduct, mismanagement, or irregularity in the management of the affairs of the debtor by current or former management. Some of our attorneys have served as court-appointed examiners in bankruptcy cases. The firm also assists examiners in fulfilling their investigative duties.
Lawyers at Danning, Gill, Israel & Krasnoff, LLP have served as court-appointed equity receivers and receivers in aid of foreclosure in federal and state court at the request of private litigants, public sector litigants, and on the initiative of the court in a wide variety of situations. Lawyers in the firm have extensive experience serving as receivers or legal counsel to receivers charged with operating a wide variety of businesses, real property enterprises, as well as the dissolution of business entities.
When co-owners of property are unable to agree on the sale or division of property, the court may appoint a partition referee to sell or divide the property. The firm represents referees and members of the firm serve as referees.