DIY Legal Forms

“Help us to stay online by your kind donation.

Every penny will help.”

PayPal

Authorizing Assignment for Benefit of Creditors

WHEREAS, the Corporation is unable to pay its debts in full as they come due and wishes to make a fair disposition of its assets among its creditors; and

WHEREAS, the Corporation has been advised by the Corporation's attorney ---------- Esq., that it is in the best interests of the Corporation to make an assignment of its property for the benefit of its creditors; and

WHEREAS, after due deliberation, the Directors have concluded that the Corporation's best course is to make an assignment for the benefit of its creditors; and

WHEREAS, pursuant to the laws of the State of ----------.. the approval of ---------- percent of the outstanding common stock is required before the Corporation can execute such assignment;

NOW, THEREFORE, upon motion duly made, seconded, and unanimously adopted, it is

RESOLVED, that the Corporation execute an assignment for the benefit of its creditors; and it is

FURTHER RESOLVED, that the Corporation's Board of Directors take all action necessary for the speedy execution of such assignment.

[signature]