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Since the 1990s, duties similar to those of a trustee are sometimes performed by an individual called a Chief restructuring officer (CRO), generally prior to, or subsequent to, a bankruptcy proceeding (generally, a Chapter 11 proceeding). A CRO is an official of the company who has direct contact with the creditors and who has executive power ...
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) ).
A chief restructuring officer (CRO) is a senior officer of a company given broad powers to renegotiate all aspects of a company's finances to deal with an impending bankruptcy or to restructure a company following a bankruptcy filing. The use of CROs, who usually have an expertise in the field of business in which the company operates, has been ...
The Trustee has other duties including the administration of most bankruptcy cases and trustees. [26] Under Section 307 of Title 11 of the U.S. Code, a U.S. Trustee "may raise and may appear and be heard on any issue in any case or proceeding" in bankruptcy except for filing a plan of reorganization in a chapter 11 case.
In'In re Gaither,' the U.S. Bankruptcy Court for the District of South Carolina held that Bankruptcy Code Section 544(b) permitted a trustee to step into the shoes of the Internal Revenue Service ...
Trustees [2] have certain duties (some of which are fiduciary). These include the duty to: Carry out the expressed terms of the trust instrument. [3] Trustees are bound to act in accordance with the terms of the trusts upon which the trustee holds trust property, and commit a breach of trust by departing from the terms of the trust. [4]
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 ...
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.
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