Definition of trustee in bankruptcy in English:

Share this entry

trustee in bankruptcy

noun

Law
A person taking administrative responsibility for the financial affairs of a bankrupt and the distribution of assets to creditors.
Example sentences
  • On bankruptcy, the assets of the bankrupt vest in his trustee in bankruptcy whose duty is to realize these so far as possible to meet his debts.
  • Have you received the consent of the trustee in bankruptcy of your bankrupt estate to bring this application?
  • This is an involuntary effect of the law relating to bankruptcy which transfers the bankrupt's interest to his trustee in bankruptcy when a bankruptcy order is made.
Share this entry
 

What do you find interesting about this word or phrase?

Comments that don't adhere to our Community Guidelines may be moderated or removed.