National Leaders in ABCs, Article 9 Sales, Restructurings & Fiduciary Services
When the Stakes are High, Strategy is Everything.
CMBG was founded in 2008 with a single conviction: that middle-market companies in distress deserved a faster, higher-recovery alternative to bankruptcy. CMBG delivers the full spectrum of solutions—Assignments for the Benefit of Creditors, Article 9 Sales, receiverships, fiduciary services, and bankruptcy navigation when needed—accompanied by a track record built on complex transactions that demand sophisticated guidance.
30+
Years of Combined Experience
150+
Total Cases
$2B+
Assets Administered
CMBG Advisors is a trusted fiduciary and strategic advisory firm guiding companies, lenders, and legal stakeholders through financial distress, transition, and restructuring. We bring clarity and control to high-stakes situations, combining legal precision with business judgment to preserve value and protect reputations. Founded by veteran strategist Jim Baer, CMBG helps clients manage complexity with maturity and resolve.
Services
The best path forward isn’t always clear. CMBG delivers expert consulting and restructuring services to identify challenges and craft a strategic plan for your next steps.
Media
CMBG Advisors is a trusted expert for founders, investors, and executives. Featured in podcasts, national news, and more, our team provides insights to help you explore your options and strategies.
Leadership
Our business-savvy team helps you navigate the process while minimizing losses. With deep experience across industries and complex situations, we're ready to support you.
26,941
US business bankruptcy filings in the year to June 2026
Administrative Office of the U.S. Courts16.9%
year-over-year rise in business filings over the same period
Administrative Office of the U.S. CourtsPractice Areas
What We Do
Assignments for Benefit of Creditors
Our flagship practice. CMBG is the most experienced ABC firm in California — serving as assignee to wind down insolvent companies faster, at lower cost, and with higher creditor recoveries than traditional bankruptcy.
Learn MoreArticle 9 Sales & Secured Creditor Remedies
Public and private secured-party sales, UCC foreclosures and loan-to-own transactions designed to maximize collateral value and provide a faster, lower-cost alternative to bankruptcy, receivership or an ABC.
Learn MoreReceiverships & Fiduciary Services
Fiduciary management that brings order, transparency, and accountability to distressed entities — working alongside courts and stakeholders to protect and maximize value.
Learn MoreStrategic Advisory & Restructuring
Comprehensive restructuring, workout, and strategic planning support for companies and stakeholders trying to preserve optionality before the facts force a harder outcome.
Learn MoreBankruptcy
Chapter 7 and Chapter 11 support for debtors, trustees, lenders, committees, and counsel managing cash pressure, sale execution, claims, and court-supervised process design.
Learn MoreLiquidation
Corporate liquidation services across Chapter 7, ABC, out-of-court, and secured-creditor processes, with disciplined monetization and stakeholder transparency.
Learn MoreTurnaround Advisory
Hands-on turnaround and performance improvement for middle-market companies, lenders, and stakeholders navigating underperformance, distress, and operational complexity.
Learn MoreOur Full Practice
All Services
Explore the ways CMBG helps companies and stakeholders navigate restructuring, transitions, and complex financial situations.
Explore All ServicesFeatured Guide
28 min read
What is an Assignment for the Benefit of Creditors (ABC)?
An Assignment for the Benefit of Creditors is a process in which an insolvent company voluntarily transfers its transferable, nonexempt assets to an independent assignee, who liquidates them as a fiduciary for creditors and distributes the proceeds by legal priority. This is the explanation every founder should have before the crisis.
Author
Jim Baer
Reviewed By
CMBG Team
Inside the guide
Understand the process before you need it.
Leadership
Veteran Strategy, Decisive Execution
Our team combines legal precision with operational insight — a trusted partner for founders, investors, and executives navigating financial distress and corporate transition.
Meet the Full Team
In The News
Recent Coverage
Selected reporting on CMBG matters, distressed-company processes, and the market stories behind restructuring decisions.
GeekWire
May 22, 2026
Robot pizza startup runs out of dough: Picnic shuts down, sells assets to mystery buyer
GeekWire covered Picnic's ABC wind-down, asset sale, and CMBG Advisors' role handling the process.
By Kurt Schlosser
The Spoon
May 27, 2026
As Picnic Shuts Down and Sells Assets, Others Look to Fill Their Shoes
The Spoon followed the Picnic wind-down and the broader food-robotics market response after the asset sale.
By Michael Wolf
Apple News
May 2026
Picnic coverage on Apple News
Apple News coverage of the Picnic matter and the distressed-company process.
By Hillary Remy
Podcast
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