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 ?
Since a bankruptcy trustee and debtor-in-possession are considered judicial lien creditors under the Bankruptcy Code, they have the power under Bankruptcy Code Section 544(a)(1) to avoid unperfected security and consignment arrangements and recover consigned goods and their proceeds for the benefit of the bankruptcy estate.
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...
Datalogic ADC, Inc., bought two parcels of undeveloped land totaling 10.1 acres from the business park's bankruptcy trustee, according to a deed filed in Lane County this month.
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.
24 that the archdiocese would seek permission from a bankruptcy trustee to sell three St.
These preferential transfers can be "avoided" or recovered by the debtor or, more often, a bankruptcy trustee.
Irving Picard, the bankruptcy trustee who initially led the recovery process, had only allowed claims from people who had directly invested with Madoff.
Appraisers owed money from Evaluation Solutions remain creditors and further actions by the bankruptcy trustee and court will determine whether or not there will be any distributions from the Evaluation Solutions bankruptcy estate to individual appraisers or valuation firms.
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.
Chambers, of Duke Street, North Shields, instead faced the shame of arrest after a bankruptcy trustee discovered the property's sale during a routine check, the court heard.