trustee in bankruptcy

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 their claims: as
a: the trustee in a chapter 7 or chapter 11 case who is charged with duties that include collecting the property comprising the bankruptcy estate and reducing it to money for payment of claims
b: the trustee in a chapter 12 or chapter 13 case who is charged with duties that include distributing payments made by the debtor in accordance with a confirmed plan – called also bankruptcy trustee; see also debtor in possession

Merriam-Webster’s Dictionary of Law. . 1996.

trustee in bankruptcy
A person who handles the administration of bankruptcies, managing the financial affairs of the bankrupt person or company and paying creditors.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

trustee in bankruptcy
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy

Nolo’s Plain-English Law Dictionary. . 2009.

trustee in bankruptcy
Either the Official Receiver or an insolvency practitioner who takes control of a bankrupt person's assets. The trustee's main duties are to sell these assets and share the money out among the creditors.
For further information, see the Insolvency Service website: .

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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