Definition of Bankruptcy Trustee
- A private third party or company that is appointed to initiate bankruptcy proceedings for an individual or firm that is subject to a bankruptcy.
- appointed attorney
- in charge
- third party
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.