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Each United States Trustee, an officer of the Department of Justice, is responsible for maintaining and supervising a panel of private trustees for Chapter 7 bankruptcy cases (see ). The United States Trustee has other duties including the oversight of administration of most bankruptcy cases and trustees (see generally 28 U.S.C. § 586(a)(3) ).
It exited bankruptcy on March 31, 2011, only to be carved into four trusts; the first to settle the claims of unsecured creditors, the second to handle environmental response for MLC's remaining assets, a third to handle present and future asbestos-related claims, and a fourth for litigation claims.
Bankruptcy courts appoint a trustee to represent the interests of the creditors and administer the cases. The U.S. Trustee [3] appoints Chapter 7 trustees for a renewable period of 1 year, Chapter 13 trustees are "standing trustees" who administer cases in a specific geographic region.
In Canada, a licensed insolvency trustee (LIT) is an individual or a corporation licensed by the official superintendent to hold in trust and, subsequently, to distribute a bankrupt's property among the creditors in accordance with the distribution scheme under the Bankruptcy and Insolvency Act (BIA).
Two years after Aspirity Energy filed for bankruptcy, the U.S. trustee in charge of liquidating the failed Minneapolis energy company had owner Tim Krieger on a witness stand — under oath. But ...
Another retail chain with locations in Ohio has declared bankruptcy, joining others like Big Lots and Bed, Bath & Beyond.. This week, hardware store chain True Value announced it filed for Chapter ...
WSWO-TV (channel 26) was a television station in Springfield, Ohio, United States, which operated from 1968 to 1970 and for less than six months in 1972.An independent station for its entire existence, WSWO-TV suffered from financial difficulties throughout its existence, both times failing for that reason.
Interim trustee is a term of art in section 701 of the Bankruptcy Code, Title 11 of the United States Code. When a case under Chapter 7 of the Code is commenced, the United States Trustee immediately appoints an interim trustee for that case. [ 1 ]
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