trustee in bankruptcy

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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)

References in periodicals archive ?

[section] 96 (1976)) made certain preferential payments voidable by the trustee in bankruptcy. Bankruptcy Act [section] 67a (once codified at 11 U.S.C.

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If, however, it is your money then the trustee in bankruptcy will seek to recover it to pay your debts.

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It is not uncommon to see suits brought by a trustee in bankruptcy of a debtor corporation against that corporation's directors and officers.

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A trustee in bankruptcy may be liable for violations of his fiduciary duties.

Confusion and solution: Chapter 11 bankruptcy trustee's standard of care for personal liability

The bankruptcy court is reluctant to interfere with business decisions made by a trustee in bankruptcy.