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.
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
Pancholia was founder and permanent trustee of Dubai's India Club, and was elected chairman of Mercantile Hindu Community of Thatta (Sindh), Dubai, between 1978 and 2008.
The event was attended by Sir Christopher Stone, the chief education officer, MENASA for GEMS Education and Ricky Husaini, permanent trustee of Manzil along with Manzil partners and parents of the students.
The board also appointed Tom Allen to fill Jenners vacant trustee seat until the April 2019 consolidated election when a permanent trustee will be elected to serve a full-term.
He is presently a visiting fellow at Harvard University, and permanent trustee of the World Peace Congress.
The courts have grappled with whether this additional one-year extension of statute of limitations for preference and other avoidance actions can be triggered by the appointment of an interim trustee under Section 701 of the Bankruptcy Code, or whether the election or appointment of a permanent trustee under Section 702 is required to trigger the extension.
I also felt honoured when the family requested me to be their guide and made me a permanent trustee along with the family members.
In addition, the Permanent Trustee Company Limited holds 7.21 percent, Deutsche Australia Limited holds 6.08 percent, Merrill Lynch Investment Management holds 5.27 percent, and ING Australia Holdings Limited holds 5 percent of Bank's shares.
Eileen Blackburn, of accountants Kidsons Impey, has been appointed his permanent trustee.
Cameron Russell, head of corporate recovery for accountants Kidsons Impey in Glasgow, was appointed as Batchelor's permanent trustee at a meeting of creditors on Friday.
His permanent trustee George Kerr, who is responsible for his financial affairs, said creditors had received nothing and that there had been five other bids to have Manson declared bankrupt.
Well it makes more sense than the Permanent Trustees Savings Bank.

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