Termination of office of trustee-bankruptcy, Financial Accounting

Assignment Help:

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.


Related Discussions:- Termination of office of trustee-bankruptcy

Write a short report to the investment manager, Your company is considering...

Your company is considering investing in its own transport fleet. The present position is that carriage is contracted to an outside organization. The life of the transport fleet w

Rate of return on a stock, Suppose that the risk-free rate is 7% and that t...

Suppose that the risk-free rate is 7% and that the market risk premium is 7%. What is the needed rate of return on a stock with a beta of 1.2? What is the needed rate of retu

Illustration of head office records-branches, Illustration of Head office r...

Illustration of Head office records In order to provide a check that branch managers and staff deal properly with goods and cash passing through their hands, goods are normally

Dissolutions, DISSOLUTIONS A partnership may be dissolved due to variou...

DISSOLUTIONS A partnership may be dissolved due to various reasons which include: Poor trading that has led to losses A partner dying or leaving the firm The time

Operating leases, Staples INC has operating leases. Assuming a discount rat...

Staples INC has operating leases. Assuming a discount rate of 9%, adjust the current balance sheet for the presences of these leases. Which reported expenses would change if these

Causes of failure of legacies and gifts of residue, CAUSES OF FAILURE OF LE...

CAUSES OF FAILURE OF LEGACIES AND GIFTS OF RESIDUE 1) Ademption : If property which has been specifically bequeathed does not belong to the testator at the time of his death,

Prepare the statement of cash flows, The comparative balance sheets for 201...

The comparative balance sheets for 2013 and 2012 are given below for Surmise Company. Net income for 2013 was $80 million. SURMISE COMPANY Comparative Balance Sheets December 31, 2

What do you understand by partnership, Q. What do you understand by Partner...

Q. What do you understand by Partnership? Partnership - Relationship between two or more persons based on anoral, written or implied agreement whereby they agree to carry on a

Flexible budget and static budget, Brabham Enterprises manufactures tires f...

Brabham Enterprises manufactures tires for the Formula One motor racing circuit. For August 2011, Brabham budgeted to manufacture and sell 3,000 tires at a variable cost of $74

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd