trustee in bankruptcy
111professional persons, employment — All attorneys, accountants, appraisers, and other professional persons employed by a trustee or debtor in possession are required to be approved by an order of court to ensure that they are qualified and appropriate. In most situations, the… …
112quit claim — A deed releasing interest in real property. Sometimes, when a Trustee has real property vested in him pursuant to the bankruptcy and there is no equity in that property, he may quit claim it to the mortgage holder, thereby saving the mortgage… …
113surplus income — Payments required, if any, to be made by a bankrupt to the trustee for distribution to creditors. The amount of the payment is fixed by the trustee, at the beginning of the bankruptcy, having regard to the standards established by the… …
114Section 341(a) Meeting — A meeting of creditors at which the debtor is questioned under oath by creditors, a trustee, examiner, or the United States trustee about his/her financial affairs (SA Bankruptcy.com) United Glossary of Bankruptcy Terms 2012 …
115avoidable transfers — The debtor in possession or the trustee, as the case may be, has what are called avoiding powers. Such powers may be used to undo a transfer of money or property made during a certain period of time prior to the filing of the bankruptcy petition …
116creditors' committees — can play a major role in chapter 11 cases. The United States trustee, a federal employee to be distinguished from a private case trustee or panel trustee, appoints the committee, which ordinarily consists of unsecured creditors who hold the seven …
117letter of comment — This refers to the letter from the Superintendent commenting on the trustee s statement of receipts and disbursements. When the statement needs to be taxed, this letter must be placed by the trustee before the taxing officer. (Dictionary of… …
118preliminary report — Report presented by the trustee at the first meeting of creditors which details trustee s finding with regard to taking possession of the debtor s records and property; conservatory and protective measures; any legal proceedings undertaken or… …
119redemption of security — Subsection 128(3) of the Act, allows the trustee to redeem a security on payment to the secured creditor of the debt or the value of the security as assessed, in the proof of security, by the secured creditor. Before doing so, the trustee will… …
120Chapter 11 — reorganization proceedings, generally for business entities. The debtor maintains control of the business in Chapter 11, unless the Court appoints a trustee (Glossary of Common Bankruptcy Terms) A reorganization proceeding in which the debtor may …
