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trustee in bankruptcy
trustee in bankruptcy n (Banking & Finance) a person entrusted with the administration of a bankrupt's affairs and with realizing his or her assets for the benefit of the creditors trustee in bankruptcy
trustee in bankruptcyn. 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) Trustee in bankruptcy
Trustee in bankruptcyAn appointed trustee who supervises and administers the affairs of a bankrupt company or individual.Trustee In BankruptcyA court- or government-appointed person who manages assets in bankruptcy. In the United States, trustees in bankruptcy have different duties depending on the type of bankruptcy filed. In Chapter 7 bankruptcy, the trustee liquidates all non-exempt assets and distributes the proceeds to creditors according to bankruptcy law and the court's directions. In Chapter 13 bankruptcy, the trustee reviews the debtor's plans and collects and distributes payments to creditors. In Canada, trustees in bankruptcy hold assets in trust and distribute them to creditors according to the dictates of the Bankruptcy and Insolvency Act.AcronymsSeeTIB |