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Under some circumstances, some creditors, or the United States Trustee, can request the court convert the case into a liquidation under chapter 7, or appoint a trustee to manage the debtor's business. The court will grant a motion to convert to chapter 7 or appoint a trustee if either of these actions is in the best interest of all creditors.
Protector: A protector may be appointed in an express, inter vivos trust, as a person who has some control over the trustee—usually including a power to dismiss the trustee and appoint another. The legal status of a protector is the subject of some debate. No-one doubts that a trustee has fiduciary responsibilities.
Under certain circumstances, the court has the power to revoke a discharge. For example, when a trustee, creditor, or the U.S. trustee appeals the discharge based on the debtor's fraudulent activity, failure to disclose property that would belong to the bankruptcy estate, or failure to provide information during an audit.
A trustee is responsible for managing the assets held in the trust on behalf of its beneficiaries. If you're the beneficiary of a trust, you may find it necessary to remove the trustee if you ...
The U.S. Trustee's office conducts the first meeting of creditors in a Chapter 11 case. Most Chapter 11's do not require the appointment of a trustee: however, in those cases which do, the U.S. Trustee oversees the appointed trustee's handling of the case and, for good cause, can seek the removal or replacement of the trustee.
The pre-BAPCPA language of § 707(b) provided for dismissal of a chapter 7 case upon a finding of "substantial abuse". Under the former § 707(b), only the court or the United States trustee could bring a motion to find abuse under the section. The 2005 amendments removed these restrictions. Post-BAPCPA, § 707(b) provides two definitions of ...
In unusual circumstances, a district court may "withdraw the reference" (i.e., taking a particular case or proceeding within the case away from the bankruptcy court) and decide the matter itself. [21] Decisions of the bankruptcy court are generally appealable to the district court, [22] and then to the Court of Appeals
[4] [8] On January 30, 2023 the U.S. Court of Appeals for the Third Circuit ruled that LTL's bankruptcy should be dismissed on the ground that the company was not in financial distress, reversing a previous ruling by the Bankruptcy Court. [9] [10] [11] On April 4, 2023, LTL filed for a second bankruptcy. [12]
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