Funds liquidating trust
The Panel Trustee will seek turnover of assets held by the debtor or other parties and will arrange for their eventual sale.The Panel Trustee may also seek to recover assets conveyed by the debtor prior to the filing of the bankruptcy.
Division of Investment Management no-action letters issued before that date may be obtained for a copy and processing fee.In approximately 90% of the Chapter 7 bankruptcy cases filed, there are no assets available for liquidation, either because assets are exempt (protected) by debtors or liened by secured creditors. The Panel Trustee will review the debtor's petition and schedules after they have been filed with the Court.In all cases, Chapter 7 Trustees must investigate the debtor’s affairs, examine the debtor under oath, and submit reports to the bankruptcy court and Office of the U. The Panel Trustee may request additional information from the debtor to review in conjunction with the debtor's petition and schedules.After the bankruptcy petition is filed, the United States Trustee appoints as trustee a disinterested person who is a member of a panel of Chapter7 trustees ("panel trustee") to serve as an interim trustee.
The interim trustee serves until a permanent trustee is elected or designated at the Section 341 hearing.The debtor must not have had a previous bankruptcy dismissed for cause within the last 180 days.