A Trustee in Bankruptcy can apply to court under Section 139A of the Bankruptcy Act to seek assistance from the court to carry out any function defined
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Trustee to apply to court for a warrant to seize property
Section 130 of the Bankruptcy Act states that a Trustee in Bankruptcy has the power to apply for court for a search and seize warrant. A Trustee in Bankruptcy may do this when assets or books and records of the bankrupt have been indentified. The Trustee in Bankruptcy may require the assistance of the court to access the assets or
Trustee to pay out mortgages
Section 136 of the Bankruptcy Act states that a Trustee in Bankruptcy has the power to pay out a mortgage of the debtor. This is required to enable the Trustee in Bankruptcy to realize the assets for the bankrupt estate. For example if the bankrupt holds shares but the shares are encumbered, the Trustee in Bankruptcy may firstly pay out
Bankruptcy Trustee to carry on the bankrupt’s business
A trustee in bankruptcy may continue to carry on the bankrupt’s business. Typically a trustee in bankruptcy would only do this if the trustee believed that the bankrupt’s business had a commercial value and could be sold for the benefit of creditors. If the bankrupt’s business had no commercial value then the trustee in bankruptcy may not take any steps
What powers does a Trustee in Bankruptcy have?
to sell property to obtain legal advice to carry on the bankrupt’s business to bring or defend any legal proceedings to pay out mortgages to apply to court for a warrant to seize property to apply to court to carry out any function to issue notices to obtain information to publically examine a bankrupt to convene a meeting of creditors
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