The Uniform Law Commission (“ULC”) appointed a study committee to evaluate the need for and feasibility of a uniform act governing assignments for the benefit of creditors. That committee recommended that a drafting committee be appointed, and the ULC followed that recommendation. This endeavor comes over a decade after the 2009 Model Statute for General Assignments for the Benefit of Creditors did not pass in any state despite the endorsement of the Uniform Law Commission, the American Bar Association’s Business and Bankruptcy Sections, and the Commercial Law League of America (“CLLA”).