When Crystal Cruises filed for insolvency, it decided to use a proceeding governed under a Florida law providing a uniform procedure for the administration of insolvent estates. Bankruptcy experts say the streamlined procedure may help creditors as some pandemic-battered businesses fall into insolvency.

That proceeding, kicked off by an Assignment for the Benefit of Creditors (ABC) filed under Florida Statutes Chapter 727, is designed to ensure full reporting to creditors and equal distribution of assets.