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SB 949WEST VIRGINIASession 2026State Billdead
Did Not Advance

Senate Bill 949 creates the Uniform Assignment for Benefit of Creditors Act to regulate corporate and individual insolvency liquidations

Original title: Creating Uniform Assignment for Benefit of Creditors Act

Last action · February 16, 2026: To JudiciarySponsor: Mike Oliverio

Bill progressHistory & official text ↓
Introduced
Committee
Floor Vote
Passed
Law

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Public stanceCommunity reactions are separate from the official record and reporting.

What This Bill Proposed

This bill establishes a comprehensive statutory framework governing assignments for the benefit of creditors, setting clear duties for s and s, claim priority rules, and court oversight procedures. It applies to organizations and individuals based or governed in West Virginia who transfer assets to pay creditors.

Why it matters

The measure sets specific legal standards and timelines for liquidating assets outside of formal bankruptcy, determining how creditors submit claims, how s distribute funds, and what liabilities apply to the parties involved.

Background
  • Assignments for the benefit of creditors (ABCs) serve as an alternative to formal bankruptcy proceedings for liquidating distressed business assets. context
  • Uniform acts are drafted to harmonize commercial laws across different states when enacted by state legislatures. context

Who It Would Have Affected

Groups the bill's text would have affected, as described in the record. Being affected is not a position for or against it.

Directly affected

Creditors

Creditors must submit proofs of claim within specified deadlines, receive mandatory periodic updates, and are subject to claim prioritization rules during distribution.

Directly affected

Assignees

Assignees assume fiduciary duties to manage the estate, maintain separate accounts, examine claims, make distributions, and face personal liability for breaches of fiduciary duty.

Directly affected

Assignors

Assignors are required to turn over assets, provide verified lists of employees and creditors, and cooperate with the assignee in administering the estate.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

Who can serve as an assignee under this act?
An must not be a creditor, affiliate, or insider of the , must not have a material financial interest in the outcome, and must not hold an equity interest in the assignor other than a noncontrolling interest in a publicly traded company.
What is the deadline for creditors to submit a proof of claim?
Creditors must submit proofs of claim by a date established by the , which must be set 150 days after the effective date of the assignment agreement.
How are claims prioritized during distribution of the assignment estate?
Claims are paid in a specific order: first to protected secured creditors, then administrative costs, federal priority claims, employee wages earned within 180 days, and finally unsecured claims.

What else do you want to know?

News Coverage

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Where This Stands

This bill did not become law - Died at adjournment · in Senate committee.

Procedural history

4 actions
  1. Feb 16, 2026SenateCommittee
    To Judiciary
  2. Feb 16, 2026SenateIntroduced
    Introduced in Senate
  3. Feb 16, 2026SenateCommittee
    To Judiciary
  4. Feb 16, 2026SenateIntroduced
    Filed for introduction

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

View official text →

Lobbying Activity

No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.

Full breakdown

Who this bill affects and the strongest case for and against it, written only from the bill’s own text.

Sponsors

Mike OliverioSenateRepublicanPrimary sponsor

Discoveries

1 pattern noticed across the record

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift95% confidence

Adoption of Uniform Commercial Insolvency Framework

The bill codifies the Uniform Assignment for Benefit of Creditors Act to create a predictable alternative to formal bankruptcy proceedings.

Connected Entities

Mike Oliverio, Internal Revenue Service
PersonMike Oliverio“Senator who introduced Senate Bill 949”Map →
OrganizationInternal Revenue Service“Tax authority with requirements assignees must comply with”Map →

Sources

Open source document

www.wvlegislature.gov

Analysis Score

0–100
  • Significance20
    Lowered because this bill did not pass (its text scored 65)
  • Controversy15
    Intensity of disagreement among stakeholders
  • Entertainment5
    Compellingness for a non-policy-wonk reader
  • Buzz20
    Current news / social attention level

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