Trustee in bankruptcy

Trustee in bankruptcy,

Definition of Trustee in bankruptcy:

  1. A person taking administrative responsibility for the financial affairs of a bankrupt and the distribution of assets to creditors.

  2. Impartial, independent third party appointed by a court, or by the creditors, to manage and/or sell the bankrupts property and distribute the proceeding equitably among the creditors.

How to use Trustee in bankruptcy in a sentence?

  1. On bankruptcy, the assets of the bankrupt vest in his trustee in bankruptcy whose duty is to realize these so far as possible to meet his debts.

Meaning of Trustee in bankruptcy & Trustee in bankruptcy Definition