A private individual or corporation appointed in all Chapter 7 and Chapter 13 cases to represent the interests of the bankruptcy estate and the debtor's creditors.
Bench Trial – A trial without a jury, in which the judge serves as the fact-finder.
Person named by a bankruptcy judge, with the consent of creditors, to manage the affairs of a debtor in bankruptcy. The trustee has legal authority to file claims on behalf of the debtor, set aside a Preference to one or more creditors, and also represent the interests of unsecured creditors or general creditors. Certain bankruptcy courts have a U.S. Trustee, a permanent trustee who handles all cases filed in that jurisdiction.
Duhaime Legal Dictionary
An officer generally appointed by the court, who takes over the assets of a bankrupt to the benefit of creditors.
Some jurisdictions appoint bankruptcy trustees while others provide for their independent certification by a self-regulatory agency. In Canada bankruptcy trustees are licensed by the federal Superintendent of Bankruptcy. One of the requirements for a candidate for the bankruptcy trustee license is a three-year course called the National Insolvency Qualification Program (NIQP).
A person appointed by a bankruptcy court to supervise the affairs of a person or business which is in bankruptcy, determine both assets and debts, marshal (gather) and manage the assets if necessary, and report to the court. Most trustees in bankruptcy are full-time professionals and are paid from the estates of the debtors.
A trustee in bankruptcy is an entity, often an individual, in charge of administering a bankruptcy estate.