trustee in bankruptcy


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trustee in bankruptcy

n
(Banking & Finance) a person entrusted with the administration of a bankrupt's affairs and with realizing his or her assets for the benefit of the creditors
References in periodicals archive ?
3d at 1272 (noting that "only the trustee in bankruptcy has standing to pursue [the claim]").
This Chapter 11 filing was prompted by proceedings in a bankruptcy case in Arkansas whereby a trustee in bankruptcy for Equity Media Holdings Corporation was seeking a large judgment relating to the purchase by Debtor [Luken Communications] of Retro Television Network from Equity Media Holdings Corporation," confirms an affidavit by Luken Communication's acting president and CEO, David Leach.
In that case you should discuss with the trustee in bankruptcy whether you can hold it as her trustee without it being taken into account in your bankruptcy.
Bankruptcy puts all a bankrupt's assets (save for a few exceptions) under the control of the Official Receiver (OR) or Trustee in Bankruptcy and will need to be to be realised (sold) to pay the creditors.
You may consider retaining a Canadian agent (usually a Canadian lawyer, trustee in bankruptcy or other Canadian business associate) to attend the first meeting of creditors.