The U.S. Trustee appoints the interim trustees in chapter 7 cases. However Paco Alcacer Dortmund Jersey , creditors may choose their own trustees.
For instance, where the bankruptcy case is large creditors prefer their own choice for trustee. In an especially large case, for example, creditors may want a different trustee to handle the case Mahmoud Dahoud Dortmund Jersey , as the as the case may be much to sophisticated for the normal trustee to handle. This power is provided to the creditors under Bankruptcy Code section 702.
Liquidation of Partnerships in Bankruptcy:
In partnership liquidation Under Bankruptcy Code section 723, all general partners are liable to the bankruptcy trustee for the deficiency balance of estate property which each general partner of the partnership is personally liable. The court may require each general partner to assure the recovery, such as requiring the general partner to post bond.
Bankruptcy Code section 723(b) states that the trustee must first seek out recovery from general partners that are not debtors in a bankruptcy case under the Bankruptcy Code “to the extent practicable.”
The trustee is excused from this duty if it is impractical to follow through. But, the trustee must first take the proper steps Thomas Delaney Dortmund Jersey , which include demand for litigation.
Furthermore, pursuant to Bankruptcy Code section 723(c), the bankruptcy trustee should file a claim for the bankrupt estate of a partner for the entire amount of “all claims of creditors allowed.”
Should there be a surplus of any money collected by the trustee, the bankruptcy trustee must request a court order to distribute that amount to the general partners.
Disposition of Property not owned by the Bankruptcy Estate:
Bankruptcy Code section 725 covers the disposition of property not disposed of in the bankruptcy estate Achraf Hakimi Dortmund Jersey , which a debtor’s bankruptcy estate does not have an interest. This covers property such as liens.
To distribute this property, notice must be provided to parties in interest so that they can object.
Following this approach will protect the trustee, should there be any disputes down the road as to the properness of the disposition.
To help you file for Bankruptcy relief or for questions related to Bankruptcy, please contact us at 661-281-0253.
DISCLAIMER: This article and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.
Joseph S. Pearl Dan-Axel Zagadou Dortmund Jersey , LL.M. – A Professional Law Corporation 1400 Chester Ave., Suite C Bakersfield, CA 93301 661-281-0253
Joseph S. Pearl is a third-generation Bakersfield attorney that practices in the areas of Estate Planning, Bankruptcy Roman Burki Dortmund Jersey , Probate, Trust Administration and Social Security.
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