CO SB079

Enacts the "Uniform Assignment for Benefit of Creditors Act" allowing a person (assignor) to transfer all assets to another person (assignee) for the benefit of creditors as an alternative to bankruptcy proceedings

Prohibits creditors, affiliates, or insiders of the assignor from serving as assignee, and requires assignment agreements to be in writing with specific details including asset descriptions, distribution provisions, and fee structures

Requires assignees to notify known creditors within 30 days of the assignment, establish a 120-day deadline for creditors to submit proofs of claim, and provide financial summaries to creditors at least every 6 months

Establishes distribution priority: protected secured creditors first, then administrative costs, federal priority claims, wage/salary claims (earned within 180 days, up to federal bankruptcy limits), other priority unsecured claims, and general unsecured claims

Creates fiduciary duties for assignees with personal liability for breach, allows courts to remove assignees for cause including fraud or gross mismanagement, and provides for interstate recognition of assignments made under similar laws in other states