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A trustee in bankruptcy is an entity, often an individual, in charge of administering a
bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...
estate.


Canada

In Canada, a licensed insolvency trustee (LIT) is an individual or a corporation licensed by the official superintendent to hold in trust and, subsequently, to distribute a bankrupt's property among the creditors in accordance with the distribution scheme under the
Bankruptcy and Insolvency Act The ''Bankruptcy and Insolvency Act'' (BIA; french: Loi sur la faillite et l'insolvabilité) (the ''Act'') is one of the statutes that regulates the law on bankruptcy and insolvency in Canada. It governs bankruptcies, consumer and commercial prop ...
(BIA). The bankrupt and all other persons holding bankrupt's 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 bankrupt's discharge.


Russia

To become registered as a trustee in bankruptcy (
Russian Russian(s) refers to anything related to Russia, including: *Russians (, ''russkiye''), an ethnic group of the East Slavic peoples, primarily living in Russia and neighboring countries *Rossiyane (), Russian language term for all citizens and peo ...
: арбитражный управляющий;
transliteration Transliteration is a type of conversion of a text from one writing system, script to another that involves swapping Letter (alphabet), letters (thus ''wikt:trans-#Prefix, trans-'' + ''wikt:littera#Latin, liter-'') in predictable ways, such as ...
: arbitrazhnyy upravlyayushchiy), one must: # to have a
higher education Higher education is tertiary education leading to award of an academic degree. Higher education, also called post-secondary education, third-level or tertiary education, is an optional final stage of formal learning that occurs after completi ...
degree, # to have not less than 1 year of an experience as a
chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
, # to complete the Single programme for the training of trustees in bankruptcy (
Russian Russian(s) refers to anything related to Russia, including: *Russians (, ''russkiye''), an ethnic group of the East Slavic peoples, primarily living in Russia and neighboring countries *Rossiyane (), Russian language term for all citizens and peo ...
: Единая программа подготовки арбитражных управляющих) and to pass a qualification exam, # to get two-years traineeship as assistant of trustee in bankruptcy, # to join to one of
self-regulatory organization A self-regulatory organization (SRO) is an organization that exercises some degree of regulatory authority over an industry or profession. The regulatory authority could exist in place of government regulation, or applied in addition to governmen ...
s of trustees in bankruptcy. Person who has finished up all above-mentioned requirements is entered in the consolidated state registry of trustees in bankruptcy (
Russian Russian(s) refers to anything related to Russia, including: *Russians (, ''russkiye''), an ethnic group of the East Slavic peoples, primarily living in Russia and neighboring countries *Rossiyane (), Russian language term for all citizens and peo ...
: сводный государственный реестр арбитражных управляющих) which is maintained by Federal Service for State Registration, Cadastre and Cartography. Russian trustee in bankruptcy can be the member of only 1
self-regulatory organization A self-regulatory organization (SRO) is an organization that exercises some degree of regulatory authority over an industry or profession. The regulatory authority could exist in place of government regulation, or applied in addition to governmen ...
s of trustees in bankruptcy. He can carry out other activities compatible with the position of trustee in bankruptcy, for example, be an individual entrepreneur or
advocate An advocate is a professional in the field of law. Different countries' legal systems use the term with somewhat differing meanings. The broad equivalent in many English law–based jurisdictions could be a barrister or a solicitor. However, ...
(but it must be remembered that the status of individual entrepreneur and the status of advocate are incompatible with each other). The term "арбитражный управляющий" (
transliteration Transliteration is a type of conversion of a text from one writing system, script to another that involves swapping Letter (alphabet), letters (thus ''wikt:trans-#Prefix, trans-'' + ''wikt:littera#Latin, liter-'') in predictable ways, such as ...
: arbitrazhnyy upravlyayushchiy) means
job title The International Standard Classification of Occupations (ISCO) is an International Labour Organization (ILO) classification structure for organizing information on labour and jobs. It is part of the international family of economic and social ...
. After entrance in particular insolvency (bankruptcy) case, trustee in bankruptcy is called using special term depending on particular insolvency (bankruptcy) proceeding in this case: * interim officer (
Russian Russian(s) refers to anything related to Russia, including: *Russians (, ''russkiye''), an ethnic group of the East Slavic peoples, primarily living in Russia and neighboring countries *Rossiyane (), Russian language term for all citizens and peo ...
: временный управляющий;
transliteration Transliteration is a type of conversion of a text from one writing system, script to another that involves swapping Letter (alphabet), letters (thus ''wikt:trans-#Prefix, trans-'' + ''wikt:littera#Latin, liter-'') in predictable ways, such as ...
: vremennyy upravlyayushchiy) in monitoring procedure (
Russian Russian(s) refers to anything related to Russia, including: *Russians (, ''russkiye''), an ethnic group of the East Slavic peoples, primarily living in Russia and neighboring countries *Rossiyane (), Russian language term for all citizens and peo ...
: наблюдение;
transliteration Transliteration is a type of conversion of a text from one writing system, script to another that involves swapping Letter (alphabet), letters (thus ''wikt:trans-#Prefix, trans-'' + ''wikt:littera#Latin, liter-'') in predictable ways, such as ...
: nablyudeniye) in insolvency (bankruptcy) cases of
legal person In law, a legal person is any person or 'thing' (less ambiguously, any legal entity) that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on. The reason for ...
s, * administrative officer (
Russian Russian(s) refers to anything related to Russia, including: *Russians (, ''russkiye''), an ethnic group of the East Slavic peoples, primarily living in Russia and neighboring countries *Rossiyane (), Russian language term for all citizens and peo ...
: административный управляющий;
transliteration Transliteration is a type of conversion of a text from one writing system, script to another that involves swapping Letter (alphabet), letters (thus ''wikt:trans-#Prefix, trans-'' + ''wikt:littera#Latin, liter-'') in predictable ways, such as ...
: administrativnyy upravlyayushchiy) in economic recovery procedure (
Russian Russian(s) refers to anything related to Russia, including: *Russians (, ''russkiye''), an ethnic group of the East Slavic peoples, primarily living in Russia and neighboring countries *Rossiyane (), Russian language term for all citizens and peo ...
: финансовое оздоровление;
transliteration Transliteration is a type of conversion of a text from one writing system, script to another that involves swapping Letter (alphabet), letters (thus ''wikt:trans-#Prefix, trans-'' + ''wikt:littera#Latin, liter-'') in predictable ways, such as ...
: finansovoe ozdorovleniye) in insolvency (bankruptcy) cases of
legal person In law, a legal person is any person or 'thing' (less ambiguously, any legal entity) that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on. The reason for ...
s, * external manager (
Russian Russian(s) refers to anything related to Russia, including: *Russians (, ''russkiye''), an ethnic group of the East Slavic peoples, primarily living in Russia and neighboring countries *Rossiyane (), Russian language term for all citizens and peo ...
: внешний управляющий;
transliteration Transliteration is a type of conversion of a text from one writing system, script to another that involves swapping Letter (alphabet), letters (thus ''wikt:trans-#Prefix, trans-'' + ''wikt:littera#Latin, liter-'') in predictable ways, such as ...
: vneshnyy upravlyayushchiy) in external control procedure (
Russian Russian(s) refers to anything related to Russia, including: *Russians (, ''russkiye''), an ethnic group of the East Slavic peoples, primarily living in Russia and neighboring countries *Rossiyane (), Russian language term for all citizens and peo ...
: внешнее управление;
transliteration Transliteration is a type of conversion of a text from one writing system, script to another that involves swapping Letter (alphabet), letters (thus ''wikt:trans-#Prefix, trans-'' + ''wikt:littera#Latin, liter-'') in predictable ways, such as ...
: vneshneye upravleniye) in insolvency (bankruptcy) cases of
legal person In law, a legal person is any person or 'thing' (less ambiguously, any legal entity) that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on. The reason for ...
s, * settlement officer (
Russian Russian(s) refers to anything related to Russia, including: *Russians (, ''russkiye''), an ethnic group of the East Slavic peoples, primarily living in Russia and neighboring countries *Rossiyane (), Russian language term for all citizens and peo ...
: конкурсный управляющий;
transliteration Transliteration is a type of conversion of a text from one writing system, script to another that involves swapping Letter (alphabet), letters (thus ''wikt:trans-#Prefix, trans-'' + ''wikt:littera#Latin, liter-'') in predictable ways, such as ...
: konkursnyy upravlyayushchiy) in liquidation procedure (
Russian Russian(s) refers to anything related to Russia, including: *Russians (, ''russkiye''), an ethnic group of the East Slavic peoples, primarily living in Russia and neighboring countries *Rossiyane (), Russian language term for all citizens and peo ...
: конкурсное производство;
transliteration Transliteration is a type of conversion of a text from one writing system, script to another that involves swapping Letter (alphabet), letters (thus ''wikt:trans-#Prefix, trans-'' + ''wikt:littera#Latin, liter-'') in predictable ways, such as ...
: konkursnoe proizvodstvo) in insolvency (bankruptcy) cases of
legal person In law, a legal person is any person or 'thing' (less ambiguously, any legal entity) that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on. The reason for ...
s, * financial officer (
Russian Russian(s) refers to anything related to Russia, including: *Russians (, ''russkiye''), an ethnic group of the East Slavic peoples, primarily living in Russia and neighboring countries *Rossiyane (), Russian language term for all citizens and peo ...
: финансовый управляющий;
transliteration Transliteration is a type of conversion of a text from one writing system, script to another that involves swapping Letter (alphabet), letters (thus ''wikt:trans-#Prefix, trans-'' + ''wikt:littera#Latin, liter-'') in predictable ways, such as ...
: finansovyy upravlyayushchiy) in all procedures in insolvency (bankruptcy) cases of
natural person In jurisprudence, a natural person (also physical person in some Commonwealth countries, or natural entity) is a person (in legal meaning, i.e., one who has its own legal personality) that is an individual human being, distinguished from the bro ...
s. The Federal Law of 26 October 2002, №127-FZ «About insolvency (bankruptcy)» provides that the function of settlement officer in liquidation procedure in insolvency (bankruptcy) cases of
bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...
s,
insurance companies Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
,
pension funds A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income. Pension funds typically have large amounts of money to invest and are the major investors in listed and priva ...
and other
financial institution Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial insti ...
s is carrying out by
Deposit Insurance Agency of Russia Deposit Insurance Agency (DIA) (russian: Агентство по страхованию вкладов (АСВ)) is a Russian state corporation (non-profit organization) established in January 2004 to manage operation of the deposit insurance sys ...
(with some exceptions).


United States

In the United States, a Trustee in Bankruptcy is a person who is appointed by the
United States Trustee Program The United States Trustee Program is a component of the United States Department of Justice that is responsible for overseeing the administration of bankruptcy cases and private trustees. The applicable federal law is found at and , et seq. In ...
, a division of the
United States Department of Justice The United States Department of Justice (DOJ), also known as the Justice Department, is a federal executive department of the United States government tasked with the enforcement of federal law and administration of justice in the United State ...
. 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. In a
Chapter 13 Title 11 of the United States Code sets forth the statutes governing the various types of relief for bankruptcy in the United States. Chapter 13 of the United States Bankruptcy Code provides an individual with the opportunity to propose a plan of ...
Bankruptcy ("Reorganization") the trustee is responsible for receiving the debtor's monthly payments and distributing those funds proportionally to the debtor's creditors. The Bankruptcy Trustee will act on behalf of the debtor to guarantee that both the creditors’ and the debtor's interests are maintained in accordance with the bankruptcy laws, and will often be required to act as a negotiator between the two parties. Since the 1990s, duties similar to those of a trustee are sometimes performed by an individual called a
Chief restructuring officer A chief restructuring officer (CRO) is a senior officer of a company given broad powers to renegotiate all aspects of a company's finances to deal with an impending bankruptcy or to restructure a company following a bankruptcy filing. The use of CR ...
(CRO), generally prior to, or subsequent to, a bankruptcy proceeding (generally, a Chapter 11 proceeding). A CRO is an official of the company who has direct contact with the creditors and who has executive power to implement changes. The advantage of using a CRO is that the arrangement gives both the creditor and debtor more say over the future of the company than might be the case where a Chapter 11 bankruptcy trustee is appointed.


See also

*
Receiver (legal) In law, receivership is a situation in which an institution or enterprise is held by a receiver—a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights"—especially in ca ...


References


External links


National Association of Bankruptcy TrusteesDOJ U.S. Trustee Program
Legal professions United States bankruptcy law Insolvency {{finance-stub da:Kurator