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 ?
Bankruptcy trustee Robert Keach, over 12 corporations that face potential liability in the Lac Megantic, Quebec, oil train disaster agreed to pay more than $200 million to the fund and that sum could double by the time judges in the Canada and U.
Future bankruptcy trustees will have shorter terms to complete bankruptcy proceedings if the proposals and modifications put forward by the Bankruptcy Committee of the Government are accepted.
Given that backdrop, it's no surprise that Farah will not walk away from this situation debt-free in the near future, said Steve Nottinger, the bankruptcy trustee.
The Associated Press reported that the United States bankruptcy trustee in New York filed court papers stating that it is mandatory to name an examiner to investigate the airline's merger potential.
Selling his Sleepmaster interest to his brother in 1970, Gennet retired from the industry, returning to bankruptcy law and becoming the nation's oldest bankruptcy trustee.
According to bankruptcy trustee Theodor Albert, whose Costa Mesa-based firm Albert, Weiland & Golden is handling Krause's shutdown, the tighter economic mind-set that followed the Sept.
The lender, who had received permission from the bankruptcy trustee to sell the house, sold it for $1,215,000 in January 1995--at which time the principal balance was $1,341,352, including $126,352 of accrued but unpaid interest.
Accountants Baker Tilly, working for the bankruptcy trustee, have applied to the High Court for a quick sale of the papers seized from his office.
The court will appoint a bankruptcy trustee who will be responsible for the liquidation of the business through the bankruptcy case.
5 million in 2008 "was a constructively fraudulent transfer," as alleged by Equity's bankruptcy trustee.
At certain points of time, one bankruptcy trustee had between 15 and 20 cases, while others had none," Minister Saraqini said.
The bankruptcy trustee questioned whether the racetrack got a fair value for the sale of that land and will continue to claim interest in the proceeds of any subsequent sale, including the sale to Wal-Mart.