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 ?
BMS is a provider of specialised solutions for fiduciaries including bankruptcy trustees, corporate restructuring and real estate professionals, and litigation attorneys.
However, after Friedman's, this common argument from bankruptcy trustees is probably a loser in courts in the Third Circuit.
For 27 years I have been a court-appointed receiver, taking over the management of properties primarily in default under the court's direction; as well as a federal bankruptcy trustee, a court-appointed official who administers a debtor's bankruptcy estate.
The bankruptcy trustees in this case will be the global finance ministers and central bankers who are gathering in Washington this weekend for their annual meeting.
She said: "Previous case law established that orders made under Family Law (Matrimonial Causes Act 1973) were exempt from challenges from bankruptcy trustees when the order had been made within contested proceedings and before the bankruptcy petition had been presented.
"Bankruptcy trustees will be able to pursue the non-bankrupt spouse for up to five years.
(99) "The issue of the personal liability of bankruptcy trustees arises in two contexts: (a) acts or omissions of the trustee in operating the debtor's business ...
The site works with bankruptcy trustees and the U.S.
"It passes to the bankruptcy trustees. The operations don't continue."
In the majority of cases, however, courts have sided with bankruptcy trustees, thereby wringing at least a few drops of lemonade from the lemons that generally characterize bankruptcies.
* Bankruptcy trustees and Chapter 11 debtors in possession of their indebted property would have to pay tax obligations in the course of the debtor's business.
Philip Jaffa, Director of Communications for the National Association of Wholesaler-Distributors (NAW), Washington, DC, suggested that the aggressive action now being taken by the bankruptcy trustees to collect on the claims is in anticipation that Congress will pass such a bill.