Trustee in bankruptcy

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Trustee in bankruptcy

An appointed trustee who supervises and administers the affairs of a bankrupt company or individual.

Trustee In Bankruptcy

A court- or government-appointed person who manages assets in bankruptcy. In the United States, trustees in bankruptcy have different duties depending on the type of bankruptcy filed. In Chapter 7 bankruptcy, the trustee liquidates all non-exempt assets and distributes the proceeds to creditors according to bankruptcy law and the court's directions. In Chapter 13 bankruptcy, the trustee reviews the debtor's plans and collects and distributes payments to creditors. In Canada, trustees in bankruptcy hold assets in trust and distribute them to creditors according to the dictates of the Bankruptcy and Insolvency Act.
References in periodicals archive ?
Finally, at the least, you get to keep the preference, interest-free, until the customer or a bankruptcy trustee successfully sues you and recovers it.
3 million euros that Feni's 1,017 creditors claim, the bankruptcy trustee contested 93.
According to the Law on Bankruptcy, the bankruptcy trustee is obliged to conduct the bankruptcy proceedings, protecting equally all parties, among which are the most sensitive workers with their demands for wages, bonding of service, severance pay.
The bankruptcy trustee of the hospital has nearly $565,000 on hand.
Furr is a practicing attorney and bankruptcy trustee in Boca Raton with more than 30 years' experience in his field.
The use of the title Bankruptcy Trustee made it hard for consumers to understand that only licensed Bankruptcy Trustees could file a consumer proposal.
If a bankruptcy trustee or chapter 11 debtor in possession elects to reject an unexpired lease, the tenant has the option under section 365(h) of the Bankruptcy Code of: (1) treating the lease as terminated; or (2) remaining in possession of the premises for the remaining term and any extensions or renewals.
bankruptcy trustee for Crittenden Regional Hospital, to hire Brad H.
The "subsequent new value" defense of Section 547(c)(4) of the Bankruptcy Code is a mouthful: Pre-bankruptcy payments (or, as they are referred to in bankruptcy terms, "transfers") to a creditor from a debtor cannot be avoided as a preference by a bankruptcy trustee "to the extent that, after such transfer, such creditor gave new value to or for the benefit of the debtor .
The suggested modifications also set terms within which action has to be taken within the framework of the bankruptcy proceedings and that in case of unjustified delays the bankruptcy trustee may be relieved of duty.
bankruptcy trustee in charge of the case objected Thursday to a plan that would reward the estate's director of finance, Frank Canellas, with a $165,000 bonus.
which the bankruptcy trustee charges was mostly a giant Ponzi scheme involving a still uncertain amount totaling millions of dollars.