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Trustee in bankruptcy

April 26, 2024

A trustee in bankruptcy is an entity, often an individual, in charge of administering a bankruptcy estate.

Canada edit

Further information: Bankruptcy in 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 (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 edit

Further information: Insolvency law of Russia

To become registered as a trustee in bankruptcy (Russian: арбитражный управляющий; transliteration: arbitrazhnyy upravlyayushchiy), one must:[1]

  1. to have a higher education degree,
  2. to have not less than 1 year of an experience as a chief executive officer,
  3. to complete the Single programme for the training of trustees in bankruptcy (Russian: Единая программа подготовки арбитражных управляющих)[2] and to pass a qualification exam,[3]
  4. to get two-years traineeship as assistant of trustee in bankruptcy,
  5. to join to one of self-regulatory organizations 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: сводный государственный реестр арбитражных управляющих) which is maintained by Federal Service for State Registration, Cadastre and Cartography.[4]

Russian trustee in bankruptcy can be the member of only 1 self-regulatory organizations 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 (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: arbitrazhnyy upravlyayushchiy) means job title. 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: временный управляющий; transliteration: vremennyy upravlyayushchiy) in monitoring procedure (Russian: наблюдение; transliteration: nablyudeniye) in insolvency (bankruptcy) cases of legal persons,
  • administrative officer (Russian: административный управляющий; transliteration: administrativnyy upravlyayushchiy) in economic recovery procedure (Russian: финансовое оздоровление; transliteration: finansovoe ozdorovleniye) in insolvency (bankruptcy) cases of legal persons,
  • external manager (Russian: внешний управляющий; transliteration: vneshnyy upravlyayushchiy) in external control procedure (Russian: внешнее управление; transliteration: vneshneye upravleniye) in insolvency (bankruptcy) cases of legal persons,
  • settlement officer (Russian: конкурсный управляющий; transliteration: konkursnyy upravlyayushchiy) in liquidation procedure (Russian: конкурсное производство; transliteration: konkursnoe proizvodstvo) in insolvency (bankruptcy) cases of legal persons,
  • financial officer (Russian: финансовый управляющий; transliteration: finansovyy upravlyayushchiy) in all procedures in insolvency (bankruptcy) cases of natural persons.

The Federal Law of 26 October 2002, No.127-FZ «About insolvency (bankruptcy)» provides that the function of settlement officer in liquidation procedure in insolvency (bankruptcy) cases of banks, insurance companies, pension funds and other financial institutions is carrying out by Deposit Insurance Agency of Russia (with some exceptions).[5]

United States edit

Further information: Bankruptcy in the United States

In the United States, a Trustee in Bankruptcy is a person who is appointed by the United States Trustee Program, a division of the United States Department of Justice. 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 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 (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 edit

References edit

  1. ^ О несостоятельности (банкротстве) [About insolvency (bankruptcy)] (Federal Law 127-FZ) (in Russian). State Duma. 26 October 2002.
  2. ^ Об утверждении Единой программы подготовки арбитражных управляющих [On approving the Single programme for the training of trustees in bankruptcy] (Order 517) (in Russian). Ministry of Economic Development of Russia. 10 December 2009.
  3. ^ Об утверждении Правил проведения и сдачи теоретического экзамена по единой программе подготовки арбитражных управляющих [On approving the Rules for carrying out theory examination for the Single programme for the training of trustees in bankruptcy] (Decree 308) (in Russian). Government of Russia. 28 May 2003.
  4. ^ Об утверждении Порядка ведения сводного государственного реестра арбитражных управляющих [On approving the Procedure for maintenance of the consolidated state registry of trustees in bankruptcy] (Order 238) (in Russian). Ministry of Economic Development of Russia. 18 April 2016.
  5. ^ Fedotova, Irina (12 August 2004). "Вклады не горят". Rossiyskaya Gazeta (in Russian).

External links edit

  • National Association of Bankruptcy Trustees
  • DOJ U.S. Trustee Program


 

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April 26, 2024
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A trustee in bankruptcy is an entity often an individual in charge of administering a bankruptcy estate Contents 1 Canada 2 Russia 3 United States 4 See also 5 References 6 External linksCanada editFurther information Bankruptcy in 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 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 editFurther information Insolvency law of Russia To become registered as a trustee in bankruptcy Russian arbitrazhnyj upravlyayushij transliteration arbitrazhnyy upravlyayushchiy one must 1 to have a higher education degree to have not less than 1 year of an experience as a chief executive officer to complete the Single programme for the training of trustees in bankruptcy Russian Edinaya programma podgotovki arbitrazhnyh upravlyayushih 2 and to pass a qualification exam 3 to get two years traineeship as assistant of trustee in bankruptcy to join to one of self regulatory organizations 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 svodnyj gosudarstvennyj reestr arbitrazhnyh upravlyayushih which is maintained by Federal Service for State Registration Cadastre and Cartography 4 Russian trustee in bankruptcy can be the member of only 1 self regulatory organizations 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 but it must be remembered that the status of individual entrepreneur and the status of advocate are incompatible with each other The term arbitrazhnyj upravlyayushij transliteration arbitrazhnyy upravlyayushchiy means job title 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 vremennyj upravlyayushij transliteration vremennyy upravlyayushchiy in monitoring procedure Russian nablyudenie transliteration nablyudeniye in insolvency bankruptcy cases of legal persons administrative officer Russian administrativnyj upravlyayushij transliteration administrativnyy upravlyayushchiy in economic recovery procedure Russian finansovoe ozdorovlenie transliteration finansovoe ozdorovleniye in insolvency bankruptcy cases of legal persons external manager Russian vneshnij upravlyayushij transliteration vneshnyy upravlyayushchiy in external control procedure Russian vneshnee upravlenie transliteration vneshneye upravleniye in insolvency bankruptcy cases of legal persons settlement officer Russian konkursnyj upravlyayushij transliteration konkursnyy upravlyayushchiy in liquidation procedure Russian konkursnoe proizvodstvo transliteration konkursnoe proizvodstvo in insolvency bankruptcy cases of legal persons financial officer Russian finansovyj upravlyayushij transliteration finansovyy upravlyayushchiy in all procedures in insolvency bankruptcy cases of natural persons The Federal Law of 26 October 2002 No 127 FZ About insolvency bankruptcy provides that the function of settlement officer in liquidation procedure in insolvency bankruptcy cases of banks insurance companies pension funds and other financial institutions is carrying out by Deposit Insurance Agency of Russia with some exceptions 5 United States editFurther information Bankruptcy in the United States In the United States a Trustee in Bankruptcy is a person who is appointed by the United States Trustee Program a division of the United States Department of Justice 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 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 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 editReceiver legal References edit O nesostoyatelnosti bankrotstve About insolvency bankruptcy Federal Law 127 FZ in Russian State Duma 26 October 2002 Ob utverzhdenii Edinoj programmy podgotovki arbitrazhnyh upravlyayushih On approving the Single programme for the training of trustees in bankruptcy Order 517 in Russian Ministry of Economic Development of Russia 10 December 2009 Ob utverzhdenii Pravil provedeniya i sdachi teoreticheskogo ekzamena po edinoj programme podgotovki arbitrazhnyh upravlyayushih On approving the Rules for carrying out theory examination for the Single programme for the training of trustees in bankruptcy Decree 308 in Russian Government of Russia 28 May 2003 Ob utverzhdenii Poryadka vedeniya svodnogo gosudarstvennogo reestra arbitrazhnyh upravlyayushih On approving the Procedure for maintenance of the consolidated state registry of trustees in bankruptcy Order 238 in Russian Ministry of Economic Development of Russia 18 April 2016 Fedotova Irina 12 August 2004 Vklady ne goryat Rossiyskaya Gazeta in Russian External links editNational Association of Bankruptcy Trustees DOJ U S Trustee Program nbsp This finance related article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Trustee in bankruptcy amp oldid 1183482111, wikipedia, wiki, book, books, library,

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