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trustee in bankruptcy |
Also found in: Financial, Wikipedia | 0.04 sec. |
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trustee in bankruptcy n. a person appointed by a bankruptcy court to supervise the affairs of person or business which is in bankruptcy, determine both assets and debts, marshal (gather) and manage the assets if necessary, and report to the court. Most trustees in bankruptcy are full-time professionals and are paid from the estates of the debtors. (See: bankruptcy) |
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The trustee in bankruptcy can take the life insurance policy cash surrender values that exceed exempt amounts allowed by statute. After being notified, creditors must each file a claim with the trustee in bankruptcy indicating how much they are owed and whether the claim is secured or has priority over other claimants, based on an order of priority for unsecured claims established by the Bankruptcy Code. The integrity of a foreclosure sale will be upheld, unless intervening factors are proven by the bankrupt, the trustee in bankruptcy and/or determined by the judge to prejudice the bankrupt by wilful acts or negligence of the mortgagee. |
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trustee in bankruptcy
