WV SB949

Establishes the Uniform Assignment for Benefit of Creditors Act in West Virginia, providing a standardized process for insolvent businesses or individuals to transfer all assets to an assignee for distribution to creditors as an alternative to bankruptcy

Requires assignees to be independent parties with no financial interest in the outcome, no affiliation with the assignor or creditors, and imposes fiduciary duties including loyalty, reasonable care to maximize distributions, and proper wind-up of the assignment

Sets a 150-day deadline for creditors to submit proofs of claim after the assignment's effective date, with assignees required to notify known creditors within 30 days and provide summaries of assets, liabilities, and expenses at least every six months

Grants assignees broad powers including operating existing businesses, selling or disposing of assets, settling claims, avoiding fraudulent transfers, and recovering assets in the same manner the assignor could have

Establishes a priority system for distributing proceeds, with protected secured creditors receiving their collateral or proceeds first, followed by administrative expenses, and then unsecured creditors according to statutory priorities