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The EOUST is the component of the Department of Justice responsible for overseeing the administration of bankruptcy cases and private trustees. The responsibility of the EOUST as the top level office controlling DOJ attorneys who monitor conduct in U.S. Bankruptcy Courts is analogous to that of The Executive Office for United States Attorneys ...
In limited circumstances, the creditors involved in a bankruptcy case can elect a trustee. In a Chapter 7 Bankruptcy ("Liquidation") the trustee gathers the debtor's non-exempt property, managing the funds from the sale of those assets, and then paying expenses and distributing the balance to the owed creditors.
The only other legal pre-requisite for the qualification of the interim trustee is the giving of a surety bond to secure compliance with the trustee's responsibilities in the case. Generally, panel trustees will file a "blanket bond" with the U.S. Trustee's office which covers all cases in which a particular trustee is serving.
A trustee is an individual or entity responsible for overseeing a bankruptcy case. In chapter 13 bankruptcy, the trustee is responsible for reviewing the proposed payment plan, collecting payments ...
When a financially troubled business is unable to pay creditors, the business may file (or be compelled by creditors to file) for bankruptcy in a federal court under Chapter 7, which means that the business ceases operations unless those operations are continued by the Chapter 7 trustee. In a Chapter 7 bankruptcy, the trustee is appointed ...
Bankruptcy courts appoint a trustee to represent the interests of the creditors and administer the cases. The U.S. Trustee [ 3 ] appoints Chapter 7 trustees for a renewable period of 1 year, Chapter 13 trustees are "standing trustees" who administer cases in a specific geographic region.
The bankruptcy trustee appointed to oversee the sale, Christopher Murray, declined to comment Monday. A lawyer for the Sandy Hook families, Christopher Mattei, also declined to comment.
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another.