trustee in bankruptcy
: an officer of the court in whom ownership of a debtor's property is vested for the benefit of the creditors and who administers the property for the purpose of making payments to the creditors according to the priority of their claims: as
a
: the trustee in a chapter 7 or chapter 11 case who is charged with duties that include collecting the property comprising the bankruptcy estate and reducing it to money for payment of claims
b
: the trustee in a chapter 12 or chapter 13 case who is charged with duties that include distributing payments made by the debtor in accordance with a confirmed plan
called also bankruptcy trustee
see also debtor in possessionDictionary Entries Near trustee in bankruptcy
Cite this Entry
“Trustee in bankruptcy.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/trustee%20in%20bankruptcy. Accessed 28 Nov. 2024.
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