Loading chat...
FL S0600
Bill
AI Summary
- Amends Florida's Assignment for the Benefit of Creditors law (Chapter 727) to clarify that the chapter's intent includes the "orderly liquidation" of insolvent estates, in addition to uniform administration procedures
- Assignees are shielded from personal liability for good faith compliance with their duties, court orders, judgments, and decrees, and can only be held personally liable if the court finds their acts were outside the scope of duties, grossly negligent, or constitute malfeasance
- Creditors or parties in interest seeking claims against an assignee for gross negligence or malfeasance must first obtain leave of court based on good cause; all claims against the assignee or their agents must be brought before the assignee's discharge or are deemed forever barred
- Revises turnover requirements so that creditors holding a lien or a right of setoff or recoupment are excluded from the obligation to turn over estate assets to the assignee upon notice of the assignment proceeding
- Requires assignees to serve notice of rejection of unexpired leases by negative notice and allows courts to specify an effective date of rejection different from the date of the court order; effective July 1, 2023
Legislative Description
Assignment for the Benefit of Creditors
Last Action
Chapter No. 2023-219
6/16/2023
Committee Referrals
Rules3/29/2023
Banking and Insurance3/23/2023
Full Bill Text
No bill text available