trustee in bankruptcy
: an officer of the court in whom ownership of a debtor's property is vested for the benefit of the creditors and who administers the property for the purpose of making payments to the creditors according to the priority of their claims: as a : the trustee in a chapter 7 or chapter 11 case who is charged with duties that include collecting the property comprising the bankruptcy estate and reducing it to money for payment of claims b : the trustee in a chapter 12 or chapter 13 case who is charged with duties that include distributing payments made by the debtor in accordance with a confirmed plan —called also bankruptcy trustee — see also debtor in possession
Learn More about trustee in bankruptcy
Dictionary: Definition of trustee in bankruptcy
Seen and Heard
What made you want to look up trustee in bankruptcy? Please tell us where you read or heard it (including the quote, if possible).