- 1 Marks
Question
Who is usually appointed for the purpose of getting in and distributing the assets of a bankrupt?
Answer
Trustee in bankruptcy
Explanation:
A trustee in bankruptcy is an individual appointed to manage the assets of a bankrupt person, liquidating the assets and distributing the proceeds among the creditors. The trustee ensures that the legal process of bankruptcy is carried out fairly.
- Tags: Assets, Bankruptcy, Trustee
- Level: Level 1
- Topic: Agency Law
- Series: NOV 2011
- Uploader: Theophilus