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Vendtegrity LLC, a San Juan Capistrano CA-based vendor management system, ceased operations and executed a "general assignment for the benefit of creditors." However, the firm overseeing the case said staffing companies should receive a portion of money they're owed.
A general assignment for the benefit of creditors involves assigning assets of a company to an assignee, which then liquidates them and distributes the monies to creditors.
Robert Cohen, president of Vendtegrity assignee Alternative Bankruptcy Concepts of Buena Park CA, said Friday that creditors in the case will receive a dividend, although it won't be 100%. The exact amounts won't be known until receivables are collected.
Total debt in this case is more than $1 million, and 99% of the creditors in this case are staffing firms, Cohen said.
Vendtegrity specialized in serving hospitals.