Bankruptcy trustees usually refer to corporations or individuals that are legally permitted to provide or supply the existing property of a bankrupt individual among the creditors or who can hold this property in trust. The bankruptcy trustees Ottawa professionals are entrusted with the duty of calling the creditors first meeting for a number of reasons. The officials are entitled to the duty of licensing the bankruptcy trustee and granting them the permission for property distribution.
Roles and Responsibilities of a Bankruptcy Trustee
Once the bankruptcy trustee has got the legal right to access the bankrupt individual’s assets and properties, everyone having a stake in this property must transfer the assets to the bankruptcy trustee. It’s the duty of the trustee to help the bankrupt individual to submit and prepare a consumer proposal for creditors and must prepare the credit or debit counselling. They have to work according to the rules of the Bankruptcy and Insolvency Act and are bound by its procedures. The trustee has the full right to oppose the discharge of the bankrupt individual and has to prepare the pre-discharge letter of this person. They have the responsibility of calling meetings of creditors.
Is the Bankruptcy Trustee on Your Side?
The bankruptcy trustee is neither on your side nor the side of the creditor. He/she acts simply as a middle man and takes the role of the administrator in all the proceedings. If you have hired a knowledgeable bankruptcy attorney who is looking out for your case, then you will see that your case is settled the way you were hoping it would. This trustee will act as the representative of the court in any case of bankruptcy. The individual who files a bankruptcy must provide correct information else he/she might face criminal charges.