Powers of trustee-rights and duties of trustee, Financial Accounting

Powers of trustee

(A) Of his own initiative, he may:

1.    Sell and transfer any part of the bankrupt's property;
2.    Gives receipts for money received;
3.    Take all necessary steps to recover debts due to the bankrupt;
4.    Exercise any powers vested in him under the bankruptcy act (cap.53)
5.    Bar an entail; and
6.    Do all necessary or expedient acts in his official name.

(B) With permission of the committee of inspection or the court, he may:

1.    Carry on the business of the bankrupt;
2.    Bring and defend legal proceedings relating to the bankrupt's property;
3.    Employ a solicitor or other agent;
4.    Sell property in consideration of a future payment;
5.    Mortgage or pledge any part of the property;
6.    Refer disputes to arbitration and compromise claims;
7.    Distribute property in specie among creditors;
8.    Appoint the bankrupt to manage his property or carry on his trade for the benefit of the creditors; and
9.    Pay such allowances as he thinks fit to the bankrupt for the support of himself and of his family.

Posted Date: 12/13/2012 12:05:08 AM | Location : United States

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