Vinyl Me, Please, the vinyl subscription service, has announced that it is liquidating. The company sent a letter to customers (many of which who have not received records that were due to them) stating that it was undergoing an ABC process. An Assignment for benefit of Creditors, is a step a company may take to avoid filing for a formal chapter 7 bankruptcy. In the ABC process, Vinyl Me, Please has assigned all of its assets to an independent third party, titled an "assignee." The assignee, who is akin to a bankruptcy chapter 7 trustee, gathers up the available assets and sells them. The proceeds are then distributed to creditors, who usually receive less, and even substantially less, than they are owed. Unlike bankruptcy, which is governed by the federal government, the ABC process is controlled by state law. Creditors (which means you if you are owed records) have until October 1 to file a claim for amounts owed.