Resignation by bankruptcy trustee: prescribed replacement, handover, cooperation and creditor notification obligations follow. Resignation by a bankruptcy trustee permits resignation for cessation of practice or conflict of interest; upon acceptance the Adjudicating Authority must direct the Board to replace the trustee, the Board must recommend a replacement within ten days, and the Adjudicating Authority must appoint the recommended trustee within fourteen days. The outgoing trustee must deliver possession of the estate to the replacement on appointment, may be directed to share information and cooperate, and the replacement must notify the committee of creditors and the bankrupt within seven days. Release of the replaced trustee follows the release provisions under section 148.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Resignation by bankruptcy trustee: prescribed replacement, handover, cooperation and creditor notification obligations follow.
Resignation by a bankruptcy trustee permits resignation for cessation of practice or conflict of interest; upon acceptance the Adjudicating Authority must direct the Board to replace the trustee, the Board must recommend a replacement within ten days, and the Adjudicating Authority must appoint the recommended trustee within fourteen days. The outgoing trustee must deliver possession of the estate to the replacement on appointment, may be directed to share information and cooperate, and the replacement must notify the committee of creditors and the bankrupt within seven days. Release of the replaced trustee follows the release provisions under section 148.
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