Trustee In Bankruptcy in United States

Trustee In Bankruptcy Definition

A trustee in bankruptcy is a person in whom the property of a bankrupt is vested In trust for the creditors, not for the bankrupt. 10 Ch. Div. 388, 434. His duty is to discover, realize, and distribute it among the crediTRUSTEE PROCESS tors, and for that purpose to examine the bankrupt’s property, accounts, etc., to investigate proofs made by creditors, and to admit, reject, expunge, or reduce them, according to circumstances. He also has to keep various accounts of his dealings with the property, and of the course of the bankruptcy, which are audited by the committee of inspection and the comptroller in bankruptcy. Robson, 488.

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Trustee In Bankruptcy	Trustee In Bankruptcy in the European Legal Encyclopedia.
Trustee In Bankruptcy	Trustee In Bankruptcy in the Asian Legal Encyclopedia.
Trustee In Bankruptcy	Trustee In Bankruptcy in the UK Legal Encyclopedia.
Trustee In Bankruptcy	Trustee In Bankruptcy in the Australian Legal Encyclopedia.

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Legal Issue for Attorneys

A trustee in bankruptcy is a person in whom the property of a bankrupt is vested In trust for the creditors, not for the bankrupt. 10 Ch. Div. 388, 434. His duty is to discover, realize, and distribute it among the crediTRUSTEE PROCESS tors, and for that purpose to examine the bankrupt’s property, accounts, etc., to investigate proofs made by creditors, and to admit, reject, expunge, or reduce them, according to circumstances. He also has to keep various accounts of his dealings with the property, and of the course of the bankruptcy, which are audited by the committee of inspection and the comptroller in bankruptcy. Robson, 488.

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Notice

This definition of Trustee In Bankruptcy is based on The Cyclopedic Law Dictionary. This entry needs to be proofread.

Practical Information

Note: Some of this information was last updated in 1982

See bankruptcy (in U.S. law).

(Revised by Ann De Vries)

What is Trustee In Bankruptcy?

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Trustee In Bankruptcy