N.Y. Debtor & Creditor Law § 20

§ 20. General powers of court. Any proceeding under this article shall\nbe deemed for all purposes, including review by appeal or otherwise, to\nbe a proceeding had in the court as a court of general jurisdiction, and\nthe court shall have full jurisdiction to do all and every act relating\nto the assigned estate, the assignees, assignors and creditors, and\njurisdiction shall be presumed in support of the orders and decrees\ntherein unless the contrary be shown; and after the filing or recording\nof an assignment under this article, the court may exercise the powers\nof a court of equity in reference to the trust and any matters involved\ntherein.\n