permanent trustee

permanent trustee

in the Scots law of insolvency, the person appointed in a sequestration by the court to administer the insolvent estate. Trustees are appointed from a panel of suitable and qualified persons. They must accept appointment although they may apply to resign. As permanent trustee, the property of the bankrupt estate vests in the trustee, and his duty then is to ingather the estate and distribute it according to the rules of ranking. Where there is any concern as to the assets pending appointment, an application may be made to appoint an interim trustee, pending a full appointment. See VESTING. For England, see BANKRUPTCY.
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