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| wendash |
Posted - 24 February 2011 : 15:03:49
Hi. Went BR in March 2010. What exactly is a trustee? I have only dealt with the OR so would they be the trustee? We are surrendering our lease on our business back to the landlord and they want the trustee to agree.
Any help greatly appreciated.
Thanks |
| 3 L A T E S T R E P L I E S (Newest First) |
| Bigal4787 |
Posted - 24 February 2011 : 23:33:34
Hi Wendash,
when you are declared bankrupt, generally the OR for the court concerned becomes what is known as Receiver and Manager of the estate, which gives the OR limited powers to protect assets, and try to produce a report to creditors within 28 days, or 54 latest.
Once the RTC(report to creditors) has been issued the OR then becomes the trustee of the bankruptcy estate, including assets such as property. Once the OR is trustee, then the property cannot be disposed of without the trustee(OR) first being informed(this will be shown on the land registry). This will generally be the case where the property has none or very little equity.
However, if there is property with substantial equity, or other assets of high value, then a trustee other than the OR will be appointed(basically an IP). The RTC will be issued, but instead of a paragraph stating that the OR is trustee, it will either state that a meeting of creditors will have to be called to appoint one, or if one creditor has more than 50% of the total liabilities, then they will nominate an IP to be trustee.
Once the IP has become trustee, then the OR will only be responsible for any further investigations, if a BRO or BRU could be likely.
Hope this makes sense, it can be complicated at first!
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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| debtinfo |
Posted - 24 February 2011 : 18:35:40
Almost but not quite, The trustee is the person with the authority to realise the assets in your case and looks after your bankruptcy estate. Every case has a trustee but the trustee can be either the OR or a private individual. |
| Richard P |
Posted - 24 February 2011 : 15:11:36
Hi Wendash
A trustee acts instead of the OR.
Normally if a case is slightly complex or some asetts to sell the case is passed onto a trustee. (or if OR being over run by cases)
They are an external company and they support the OR in investigating your bankruptcy, then producing a report for the OR to pass on to creditors.
in your case an agreement from the OR to hand back the lease is (should be) acceptable.
Hey look every one i managed to make comment about trustees without being negative about their charges (to your bankruptcy estate not you individually)!
Richard |
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