trustee in bankruptcy

trustee in bankruptcy
An appointed trustee who supervises and administers the affairs of a bankrupt company or individual. Bloomberg Financial Dictionary

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trustee in bankruptcy trustee in bankruptcy bankruptcy

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trustee in bankruptcy UK US noun [C] (also assignee in bankruptcy, also bankruptcy trustee) LAW
an expert chosen by a court to deal with the assets of a bankrupt person or business, pay their debts, and check on their actions, for example, that they are not hiding assets: »

When you went bankrupt, all your assets became the property of your trustee in bankruptcy.

Compare ADMINISTRATOR(Cf. ↑administrator), INSOLVENCY PRACTITIONER(Cf. ↑insolvency practitioner), RECEIVER(Cf. ↑receiver)

Financial and business terms. 2012.

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Look at other dictionaries:

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  • trustee in bankruptcy — trustee in bankruptcy: an officer of the court in whom ownership of a debtor s property is vested for the benefit of the creditors and who administers the property for the purpose of making payments to the creditors according to the priority of… …   Law dictionary

  • Trustee in bankruptcy — A Trustee in Bankruptcy, in the United States, is a person who is appointed by the United States Department of Justice or by the creditors involved in a bankruptcy case.In a Chapter 7 Bankruptcy the trustee gathers the debtor’s non exempt… …   Wikipedia

  • trustee in bankruptcy — One to whom the administration of a bankrupt estate is delegated and confided. 9 Am J2d Bankr § 621. The Bankruptcy Act specifies either one or three trustees for a bankrupt estate, and there is nothing in the Bankruptcy Act or the General Orders …   Ballentine's law dictionary

  • trustee in bankruptcy — A person who administers a bankrupt s estate and realizes it for the benefit of the creditors. See feature BANKRUPTCY LAW on p. 48 …   Accounting dictionary

  • 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

  • trustee in bankruptcy — Law. a person appointed by a court to administer the property of a bankrupt. * * * …   Universalium

  • trustee in bankruptcy — person that was appointed by a court to liquidate a bankrupt business …   English contemporary dictionary

  • trustee in bankruptcy — noun Law a person taking administrative responsibility for the financial affairs of a bankrupt …   English new terms dictionary

  • trustee in bankruptcy — a person in whom the property of a bankrupt is vested by a court for the benefit of the creditors and who administers the property under the direction of the court for the purpose of distributing the net proceeds therefrom pro rata among his… …   Useful english dictionary

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