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 ?
However, after Friedman's, this common argument from bankruptcy trustees is probably a loser in courts in the Third Circuit.
3/31/99)] involved a debtor who, after claiming that no equity existed in his residence, filed a motion to compel the Chapter 7 bankruptcy trustee to abandon the estate's interest in his residence.
Under HR 3150, the bankruptcy trustee is required to file a report on each debtor's eligibility to file under Chapter 7.
Ironically, trying to obtain delinquent payments may make it easier for a bankruptcy trustee to recapture those funds later.
com) have filed a lawsuit on behalf of a bankruptcy trustee against Commerce Bank for aiding and abetting a convicted stock scammer by allowing him to launder the ill-gotten gains from his schemes through various accounts at the bank and send them to off-shore accounts in known tax havens.
While most Bankruptcy Trustees are also accountants, it is not a prerequisite.
The Ministry of Economy says that the main reasons why firms are so long in receivership is the fact that the court procedures led by the bankruptcy trustees take very long, that there are no interested buyers for the bankrupt company's assets, that the bankruptcy judges and trustees are replaced very often and that the bankruptcy trustees are disinterested in seeing fast resolution of the bankruptcy proceedings.
Wendy Haines, 43, is battling with bankruptcy trustees in a case which has implications for orders made in the divorce courts.
The bankruptcy trustees argued the gain from the sale was nontaxable under the newly enacted IRC section 121 and, therefore, the estate should not release the residence.
Our clients include leading law firms, corporate legal departments, bankruptcy trustees and other professional advisors who require innovative technology, responsive service and deep subject-matter expertise.
Bigger protection for creditors in bankruptcy proceedings, shorter deadlines in the bankruptcy proceedings, electronic sale of the assets of the bankrupt firms and electronic appointment of bankruptcy trustees are some of the novelties in the modifications to the Bankruptcy Law, which Economy Minister Valon Saraqini presented at a press conference Thursday.
The bankruptcy trustees claimed the section 4971 liability was not an excise tax but a disguised penalty and thus not entitled to priority under section 507(a)(7)(E) of the Bankruptcy Code.