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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Bankruptcy Trustee


Synonyms:administrator, appointed attorney, counsel, in charge, third party
Filed Under: financial-banking
Tags: banking, bankruptcy
 

Definition of bankruptcy trustee

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.

Related Terms and Acronyms:

  • bankruptcy (BK)   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.
  • business bankruptcy   A bankruptcy case in which the debtor is a business or an individual involved in business and the debts are for business purposes.
  • fiduciary   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.
  • fiduciary duty   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.
  • power of attorney (PA, POA)   A document in which the signer authorizes someone to conduct business in his or her name -- signing title documents and cheques, for example.
  • receivership   A form of bankruptcy where a person is appointed to take control of a company and is responsible for recouping unpaid debts.
  • trustee   A person who holds and manages assets for the benefit of beneficiaries.

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