Committee of inspection-bankruptcy, Financial Accounting



A committee of inspection may be appointed by the creditors at their first or any subsequent meeting to supervise the trustee.


The committee consists of between three and five members, who must be creditors whose proofs have been admitted, or the holders of general proxies of powers of attorney from them; a person may be appointed before, but cannot act until, these conditions are satisfied. Membership may be terminated by:

1.    Written resignation to the trustee;
2.    Bankruptcy of member or arrangement with his creditor;
3.    Failure to attend five consecutive meetings; or
4.    Removal by creditors.
5.    Vacancies are filled by the creditors.


Meetings must be held at least once a month and may be called by the trustee or any member; a majority of members constitutes a quorum.

Fiduciary position of members

A member is not entitled to payment for his services or to enter into any transaction in relation to the bankrupt's estate, except with the sanction of the court.

Posted Date: 12/12/2012 6:50:17 AM | Location : United States

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