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trustee in bankruptcy

   Also found in: Legal, Financial, Acronyms, Wikipedia 0.01 sec.
trustee in bankruptcy
n
(Economics, Accounting & Finance / Banking & Finance) a person entrusted with the administration of a bankrupt's affairs and with realizing his assets for the benefit of the creditors


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They are responsible for acting as your trustee in bankruptcy and are required to oversee the liquidation of your assets and the fair distribution of them to your creditors.
You each are under an obligation to comply with the terms of the deed and so, for example, if one of you were to die or be judged bankrupt, the executor or trustee in bankruptcy would need to comply with the terms of the deed.
In September 2007 the Trustee in Bankruptcy, acting on behalf of the tenants, gave the Council notice that they would leave the farm in September 2008.
 
 
 
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