Define the Terms: (A) Assignment for the Benefit of Creditors;

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The Answer is -Assignment for the benefit of creditors: Under a common-law assignment for the benefit of creditors, the debtor transfers some or all of his assets to a trustee-usually someone appointed by the adjustment bureau of a local credit managers' association-who sells the assets and apportions the proceeds in some agreed manner, usually pro rata, to the creditors.
-Composition: It is an agreement by creditors to accept less than the full amount of the debt and to discharge the debtor from further liability.
-Receivership: This is a long-established procedure in equity whereby the receiver takes over the debtor's property under instructions from the court.

Define the Terms: (A) Assignment for the Benefit of Creditors;

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