All You Need To Know About A Bankruptcy Trustee

Bankruptcy Trustee

A Syndic de Faillite Gatineau (bankruptcy trustee in Gatineau) is the official who is appointed to administer a certain bankruptcy application filed on behalf of a legal or natural person. The obvious thing is that for a person with special skill or education especially a competent lawyer is appointed for this purpose by the concerned statutory authority. Many sites such as Lawdepot.com have talked about the role of trustees in the entire process. It will not be wrong to say that the trustee plays a very crucial role.

You will need to be aware of the fact that the rules of appointment of trustees may vary from one state to another. The other thing that you will need to know that in some states the procedural rules do not provide for the appointment of a trustee. In those states, a lawyer is appointed as a receiver, and he carries out a function which is similar to but not same as a trustee. All in all, it can be said that the conduct of proper procedure under the due process of law needs to be made sure in case of bankruptcy filings in all states. On the basis of different laws, different professionals are appointed for this purpose in all states.

The job of a trustee is to see to it that the ends of justice are met. A trustee has to protect the rights of the debtor as well as his creditors. It is the trustee’s job to make sure that all the assets of the debtor which can be legally auctioned or sold in order to pay the creditors are disposed of off to get the desired sum of money. So, a trustee’s role is of a lot of essences. A trustee also has to ensure that the assets which can’t be disposed of legally remain with the debtor under all circumstances.

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