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.
Mr Sherwin has been banned for two years and seven months, which is the period remaining of his bankruptcy (unless his trustee in bankruptcy extends the period).
If, however, it is your money then the trustee in bankruptcy will seek to recover it to pay your debts.
The bankruptcy process is very much the creditors' "bat and ball." Creditors are an integral part of the process and provide directions to the trustee in bankruptcy. The purpose(s) of the first meeting is fulfilled at the behest of the creditors.
It is not uncommon to see suits brought by a trustee in bankruptcy of a debtor corporation against that corporation's directors and officers.
Retaining a trustee in bankruptcy. Despite what may appear to be an apparent contradiction, in a proposal, a trustee in bankruptcy effectively acts for both the debtor and the creditors.
A trustee in bankruptcy may be liable for violations of his fiduciary duties.
The bankruptcy court is reluctant to interfere with business decisions made by a trustee in bankruptcy.