Trustee in bankruptcy,
Definition of Trustee in bankruptcy:
A person taking administrative responsibility for the financial affairs of a bankrupt and the distribution of assets to creditors.
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?
- 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