# Assignment for Benefit of Creditors Agreement
**This Assignment for Benefit of Creditors Agreement ("Agreement") is made and entered into as of [Date], by and between:**
**Assignor:**
[Assignor's Name]
[Assignor's Address]
[City, State, Zip Code]
[Email]
[Phone Number]
**And**
**Assignee:**
[Assignee's Name]
[Assignee's Address]
[City, State, Zip Code]
[Email]
[Phone Number]
### Recitals
WHEREAS, the Assignor is unable to pay its debts as they mature and desires to execute this Assignment for the benefit of its creditors;
WHEREAS, the Assignee is willing to accept the assignment of the Assignor’s assets for the benefit of the Assignor's creditors in exchange for a fee of [fee amount or percentage];
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the Assignor and Assignee agree as follows:
### 1. Assignment of Assets
1.1 The Assignor hereby assigns, conveys, and transfers to the Assignee all of its right, title, and interest in and to the following assets ("Assigned Assets"):
- [List specific assets, e.g., real estate, personal property, accounts receivable, etc.]
- [Additional assets, if any]
### 2. Assignee’s Duties
2.1 The Assignee agrees to manage, liquidate, or otherwise dispose of the Assigned Assets for the benefit of the Assignor’s creditors and in accordance with applicable laws.
2.2 The Assignee shall maintain accurate records of all transactions related to the Assigned Assets and shall provide periodic reports to the Assignor and its creditors.
2.3 The Assignee shall be entitled to reasonable fees and reimbursement of expenses incurred in connection with the administration of the Assigned Assets.
### 3. Notification of Creditors
3.1 The Assignee shall promptly notify all known creditors of the Assignor regarding this Assignment and their rights to file claims against the Assigned Assets.
3.2 The creditors shall have [number of days, e.g., 30 days] from the date of notification to submit claims.
### 4. Waiver of Preference
4.1 The Assignor warrants that this Agreement does not create a preference or preferential transfer under applicable bankruptcy or insolvency laws.
### 5. Governing Law
5.1 This Agreement shall be governed by and construed in accordance with the laws of the State of [State].
### 6. Miscellaneous
6.1 Amendments: This Agreement may be amended only by a written agreement signed by both parties.
6.2 Severability: If any provision of this Agreement is held to be invalid or unenforceable, the remainder of this Agreement shall continue in full force and effect.
6.3 Entire Agreement: This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements or understandings.
**IN WITNESS WHEREOF, the parties hereto have executed this Assignment for Benefit of Creditors Agreement as of the date first above written.**
______________________________
**[Assignor's Name]**
Assignor
______________________________
**[Assignee's Name]**
Assignee
### Notary Acknowledgment
State of ___________)
County of __________)
This instrument was acknowledged before me on this ______ day of __________, 20__ by [Assignor's Name] and [Assignee's Name].
______________________________
Notary Public
My Commission Expires: __________
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*Note: Consult with a legal professional for compliance with local laws and regulations before executing any legal agreements.*