Definition - What does Panel Trustee mean?
A panel trustee is a private individual or company that is appointed by the bankruptcy court in all bankruptcy chapters, and is under the supervision of the court. The duty of the panel trustee is defined by the court, and ensures that each individual bankruptcy is carefully considered and deliberated. Matters that can be considered by the panel trustee include the possibility of litigation in order to recoup any outstanding monies owed to the bankrupt individual or company.
Justipedia explains Panel Trustee
The panel trustee works on behalf of the bankrupt person or company to represent the best interests of both. All parts of a bankruptcy case would have to go through the hands of the panel trustee, including the approval of any payment arrangement schedules brought about by a creditor or the bankrupt individual, and ensuring that payment schedules accommodate the possibility for the bankrupt individual to repay his or her debts within the confines and limitations set. Other duties of the panel trustee include selling off all liquid assets and making assets more liquid so that they can be sold and credited against the bankrupt debt.
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