Assignee in Insolvency Law and Legal Definition

Assignee in insolvency is the assignee in trust for the benefit of creditors. Assignee in insolvency represents the interest of the creditors, and may recover the property for their benefit. [Ruggles v. Cannedy, 127 Cal. 290 (Cal. 1899)].

An assignee in insolvency who embezzles or converts to his own use anything of value which shall come into his possession by virtue of his employment or appointment such assignee in insolvency is guilty of embezzlement and shall be punished as for the larceny of the thing embezzled. [STATE v. MANNIX, 1886 Ohio Misc. LEXIS 106 (Ohio C.P. 1886)].