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The Role of a Trustee in Bankruptcy
The role of a Trustee in Brisbane involves investigations as to the position the Bankrupt.
In addition, a Trustee is appointed when an individual cannot pay their debts.
Below, there is a full break down of the role of a Trustee.
The Role of a Trustee in Bankruptcy Continued
The role of a Trustee in Bankruptcy – When a person that is bankrupt, and is unable to prepare a proper statement of affairs, the trustee may appoint a qualified person, at the expense of the estate, to help prepare the statement;
The duty to notify the creditors of the bankruptcy;
The duty to notify the creditors within three months of bankruptcy as to whether or not they will be reimbursed payments owing to them;
If a creditor has any questions about the administration, they have a duty to supply the information to creditors;
They have a duty to determine whether or not the estate includes property that can be sold to pay out creditors;
Determine whether or not the bankrupt has transferred property that is void;
A duty to ensure appropriate steps must be taken to recover property for the estate’s benefit;
A duty in taking practical action to try to ensure that the bankrupt discharges all of the bankrupt’s duties;
They have a duty to consider whether or not the bankrupt has committed any offenses;
Refer to law enforcement authorities of any evidence of offense by the bankrupt. They can also report to the Inspector-General;
A duty to avoid unnecessary expense in administering the estate
A duty to perform functions in a commercially sound way
In conclusion, the role of a Trustee is difficult, but it is within their profession to deal with these matters.
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