Termination of office of trustee-bankruptcy, Financial Accounting

TERMINATION OF OFFICE OF TRUSTEE

The trustee may vacate office in the following ways:

1. Resignation:
He may resign at a meeting of creditors and with their consent.

2. Removal
He may be removed either by the creditors by ordinary resolution, or by the court, if:

  • He is guilty of misconduct or failure to perform his statutory duties;
  • The trusteeship is being needlessly protracted;
  • He is incapable of performing his duties;
  • He is unable to act impartially; or
  • He has been removed from office in another bankruptcy for misconduct.


3. Receiving order:
He automatically vacates office if a receiving order is made against him..

4. Release:
He may be released by the court when the administration of the estate is complete, or he has resigned or been removed.

Upon release he is discharged from liability in respect of any act or default as trustee, unless his release was obtained by fraud or concealment of material facts.

The release must be gazetted and the trustee must deliver to the O.R. all books and papers in his possession.

Posted Date: 12/13/2012 12:18:47 AM | Location : United States







Related Discussions:- Termination of office of trustee-bankruptcy, Assignment Help, Ask Question on Termination of office of trustee-bankruptcy, Get Answer, Expert's Help, Termination of office of trustee-bankruptcy Discussions

Write discussion on Termination of office of trustee-bankruptcy
Your posts are moderated
Related Questions
APPORTIONMENT (a) T he purpose of the apportionment rules The purpose of the various rules of apportionment is to provide a fair and reasonable basis for dividing certain

Statement to ascertain profit in analysis method and comparison method, and reconstructed using ledger

MAINTENANCE Trustees may pay to the parent or guardian out of income of a fund held on the trust for an infacnt reasonable sums for his maintenance and education, having regard

What are the effects on current income and on future income, if a firm incorrectly capitalizes an expenditure that it should have expensed?   State your answer for both current inc

Q. Evlaute Expected value of sales volume? (17500 × 0·3) + (20000 × 0·6) + (22500 × 0·1) = 19500 units Expected NPV = (((19500 × 1·35) - 10000) × 3·605) - 50000 = $8852 W

Assume that prices and wages adjust rapidly so that the markets for labor, goods, and assets are always in equilibrium. What are the effects of each of the following on real money

Definition: A partnership is defined as “the relationship that subsists between two or more persons carrying on a business in common with a view to making a profit.” (Partnersh

1) The detailed information is on the second tab marked "Financials". Enter summarized Balance Sheet and Income Statement information for Cummins into the template on the "Summary

1. Lease vs. Buy Trasky Company is trying to decide whether it should purchase or lease a new automated machine to be used in the production of a new product. If purchased, the

On November 1, 2011, Leetch Ltd. borrows $400,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note needs equal total payments every year on Oc