Delaware Uniform Assignment for the Benefit of Creditors Act, 10 Del. C. § 7304A(a): who may be an assignee (10 Del. C. § 7304A(a))
The assignee must be independent: not a creditor, insider or affiliate, and holding no equity in the company. A founder or an investor cannot be the assignee of their own company.
Dated 21 Oct 2026Source checked 21 Oct 2026Quote found on its page again 21 Oct 2026Basis: primary text
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“(5) Does not hold an equity interest in the assignor other than a noncontrolling interest in a publicly traded company;”
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