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What (who) is trustee in bankruptcy - definition
Trustee in bankruptcy
ENTITY, OFTEN AN INDIVIDUAL, IN CHARGE OF ADMINISTERING A BANKRUPTCY ESTATE
Trustee in Bankruptcy; Bankruptcy trustee
A trustee in bankruptcy is an entity, often an individual, in charge of administering a bankruptcy estate.
trustee in bankruptcy
ENTITY, OFTEN AN INDIVIDUAL, IN CHARGE OF ADMINISTERING A BANKRUPTCY ESTATE
Trustee in Bankruptcy; Bankruptcy trustee
¦ noun Law a person taking administrative responsibility for the financial affairs of a bankrupt.
trustee in bankruptcy
ENTITY, OFTEN AN INDIVIDUAL, IN CHARGE OF ADMINISTERING A BANKRUPTCY ESTATE
Trustee in Bankruptcy; Bankruptcy trustee
n. a person appointed by a bankruptcy court to supervise the affairs of a 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 also: bankruptcy
Examples of use of trustee in bankruptcy
1. At a hearing of the High Court in May last year, the trustee in bankruptcy appointed to administer Mr Avis‘s estate successfully argued that his ex–wife‘s home should be sold in order to recoup Mr Avis‘s one–third share.
2. Nick Wood, of the accountants Grant Thornton, who has been appointed trustee in bankruptcy, is unravelling Palmers web of companies from Madeira to the Isle of Man to the British Virgin Islands to identify assets.
3. Judge Arnold ruled that Natwest‘s ‘right of action‘ to recover the property began in 1''2 and, as more than 12 years had passed since then, the mortgage over Mr Babai‘s home is now ‘extinguished‘. Mr Babai was adjudged bankrupt in January 1''4 and the case was brought to court by his trustee in bankruptcy.