- A court-appointed individual who oversees the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee gathers the debtor's nonexempt property, liquidates it, and distributes it proportionally to the creditors. In a Chapter 13 case, the trustee receives the debtor's monthly payments and distributes them proportionally to the creditors.
Business law dictionary. 2015.
Look at other dictionaries:
bankruptcy trustee — A private individual or corporation appointed in all chapter 7, chapter 12, and chapter 13 cases to represent the interests of the bankruptcy estate and the debtor s creditors (SA Bankruptcy.com) A private individual or corporation appointed in… … Glossary of Bankruptcy
bankruptcy trustee — n: trustee in bankruptcy Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. bankruptcy trustee … Law dictionary
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… … Investment dictionary
bankruptcy trustee — See trustee in bankruptcy … Ballentine's law 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's Report on the Bankrupt's Application for Discharge — (also known as the 170 Report) (Dictionary of Canadian Bankruptcy Terms) The trustee must prepare a report in the prescribed form with respect to the affairs of the bankrupt, the causes of the bankruptcy, the manner in which the bankrupt has… … Glossary of Bankruptcy
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
bankruptcy administrator — an officer of the judiciary serving the judicial districts of Alabama and North Carolina who, like a United States trustee, is responsible for supervising the administration of bankruptcy cases, estates and trustees; monitoring plans and… … Glossary of Bankruptcy
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