CAN ANYONE BE APPOINTED TO TAKE OVER THE PROPERTY OF THE BANKRUPT PERSON ?.

By law, a person who is officially unable to pay their debts (bankrupt) is also incapable of managing their own financial affairs. That means that the duty of managing the financial affairs must go to someone else who will ensure that all those debts are repaid.

Although the court appoints a temporary person to take over these financial affairs, it is only temporary to allow the creditors (those who demand money) to meet and choose a person they trust to take over the financial affairs of the person that they demand.

This person is appointed at that first meeting of the creditors and who takes charge of the financial affairs of the bankrupt person until all the debts are repaid is called a TRUSTEE.

CAN ANYONE BE A TRUSTEE?

NO!

Being a trustee is a serious position of trust and the person who occupies it must be a person who has experience and knowledge of how to deal with finances.

The law requires that this person be authorized and licensed to act on behalf of those people (or companies) that are unable to pay their debts, or which are shutting down due to financial difficulties. (The law calls this person a licensed Insolvent Practitioner).

This means a trustee can be an individual or a company or body that handles such matters as an accountant. For this reason, a person not qualified in handling financial matters will not be accepted by the court or allowed to handle the property and affairs of a bankrupt person.

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