permanent trustee

permanent trustee
in the Scots law of insolvency, the person appointed in a sequestration by the court to administer the insolvent estate. This may be done before sequestration is awarded if there is cause when the person is an interim trustee and, indeed, until the first meeting of creditors, the trustee is an interim trustee. Trustees are appointed from a panel of suitable and qualified persons. They must accept appointment although they may apply to resign. The duties of the interim trustee involve preservation of the estate and organising and reporting to the first meeting of creditors. As permanent trustee the property of the bankrupt estate vests in the trustee, and his duty then is to ingather the estate and distribute it according to the rules of ranking. See vesting. For England, See trustee in bankruptcy.

Collins dictionary of law. . 2001.

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