- Bankruptcy Trustee
- A person appointed by the United States Trustee, an officer of the Department of Justice, to represent the debtor's estate in a bankruptcy proceeding.
Although a bankruptcy judge has the ultimate authority on the distribution of assets, the trustee is charged with evaluating and making recommendations about various debtor demands in accordance with the U.S. Bankruptcy Code.
The responsibilities of the trustee are different in a Chapter 7 bankruptcy proceeding (which is essentially a liquidation) than in a Chapter 11 proceeding, wherein the debtor hopes to emerge from the bankruptcy as a going concern. In a Chapter 7 proceeding, the trustee will manage the asset sales and then distribute the proceeds to creditors.
A Chapter 13 proceeding applies to individuals who hope to keep some of their assets in return for repaying certain debts.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
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trustee — an agent of the court who manages the property of the debtor for the benefit of the creditors. The court appoints a trustee in most Chapter 7 cases and in Chapter 11 cases when it determines that the debtor s management should not remain in their … Glossary of Bankruptcy
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bankruptcy sale — A free and clear sale of debtor s real estate or personal property conducted by the bankruptcy court through the trustee in order to obtain proceeds for distribution to creditors of the bankruptcy estate. (Bernstein s Dictionary of Bankruptcy… … Glossary of Bankruptcy
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trustee in bankruptcy — An individual or corporation licensed by the Superintendent of Bankruptcy pursuant to the Bankruptcy and insolvency Act (Ontario Bankruptcy Dictionary) United Glossary of Bankruptcy Terms 2012 … Glossary of Bankruptcy
trustee — trust·ee 1 /ˌtrəs tē/ n 1: one to whom something is entrusted: one trusted to keep or administer something: as a: a member of a board entrusted with administering the funds and directing the policy of an institution or organization b: a country… … Law dictionary