Definition of trustee in bankruptcy in English:
A person taking administrative responsibility for the financial affairs of a bankrupt and the distribution of assets to creditors.
- 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.
Definition of trustee in bankruptcy in:
- British & World English dictionary
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