Bankruptcy Trustee

Definition of Bankruptcy Trustee

  1. A private third party or company that is appointed to initiate bankruptcy proceedings for an individual or firm that is subject to a bankruptcy.

Synonyms

  • appointed attorney
  • in charge
  • counsel
  • third party
  • administrator

Related Terms and Acronyms

  • Power of Attorney (POA, PA) Acronym,
    • A document in which the signer authorizes someone to conduct business in his or her name -- signing title documents and cheques, for example.
  • Bankruptcy (BK) Acronym, Important,
    • A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
  • Trustee Definition,
    • A person who holds and manages assets for the benefit of beneficiaries.
  • Fiduciary Duty Definition,
    • A requirement that someone in a position of trust, such as a banker, real-estate agent, or title agent, must act in good faith and trust on behalf of a client.
  • Receivership Definition,
    • A form of bankruptcy where a person is appointed to take control of a company and is responsible for recouping unpaid debts.
  • Business Bankruptcy Definition,
    • A bankruptcy case in which the debtor is a business or an individual involved in business and the debts are for business purposes.
  • Fiduciary Definition,
    • An individual, company, or association that manages assets for another party. Fiduciaries include executors of wills and estates, trustees, receivers in bankruptcy, and those responsible for managing the finances of a minor.
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