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What is a Trustee in Bankruptcy?

Many times we have been asked what is a trustee in bankruptcy and why should I consult with one?

What is a Bankruptcy Trustee

I've heard about bankruptcy trustee's but who are they?

Bankruptcy Answer

In Canada, a trustee in bankruptcy is an individual or a corporation licensed by the official superintendent to hold in trust and, subsequently, to distribute bankruptís property among the creditors in accordance with the distribution scheme under the Bankruptcy and Insolvency Act (BIA). The bankrupt and all other persons holding bankruptís property must transfer the property to trustee. The trustee may also assist individual in preparing and submitting a consumer proposal to creditors.

The trustee must arrange mandatory counselling of the bankrupt. The trustee must follow the procedures under the BIA, call creditors meetings and send the parties required notices of proceedings and documents. The trustee is responsible for preparation of pre-discharge report and may oppose the bankruptís discharge.

Answer was supplied by CE Craig and Associates from Victoria BC. For more information visit their website at www.cecraig.com or call (250) 386-8778 to book a free confidential consultation.