Module 15 - Personal Insolvency - Ending Of Bankruptcy Flashcards
4 Grounds a Trustee can Resign from Bankruptcy
I’ll Health;
Stop / Intend to stop being an IP;
Change in personal circumstances;
Conflict of Interest
Process and timeline of Rule 10.77?
Statement reiterating Trustee’s intent to resign;
21 days after date of delivery = date of resignation;
Opportunity to propose replacement Trustee
What is ‘Block Transfer’?
Block transfer of cases - all go across to a single IP
What is included in Block Transfer Application?
Name of Case;
Identity of the Court;
Case Number;
Capacity in which you are acting (liq / Bankruptcy Trustee / Administrator etc)
What is Section 298 and who can enact it?
By order of Court;
By decision of Creditors
3 Restrictions on Removal?
Where the OR is Trustee (as there was no decision by Creditors to appoint);
Where Creditors have failed to appoint;
Where Trustee is appointed by SoS or Court
What happens if there is a restriction on removal?
Trustee can only be removed if the Trustee sees fit,
or by the court directs,
or if the decision procedure to remove is requested by not less than quarter in value of creditors
Most common reason for vacation of office?
Conduct of the bankruptcy has been completed
Closing Procedure in Bankruptcy?
Pay - petitioning creditor, tax, preferential creditors;
Report - R&P, asset realizations, costs, dividend prospects;
Notices - NOID, NODD, NONFD;
Miscellaneous
What can a Dissatisfied Debtor do?
Apply to Court if dissatisfied by any act or omission of Trustee;
Can request a copy of the accounts;
Apply to Court to set aside any transaction of Trustee;
Formally complain to Trustees’ RPB;
Convene a decision process, or apply to the court, to remove the trustee
What can a Disatissfied Creditor do?
Apply to court to remove trustee;
Take action for misfeasance;
Apply to court to appeal decision made by Trustee;
Apply to Court to appeal against excessive remuneration;
Formally complain to the Trustee’s RPB;
Consider ethical points from SIP 1
Who can give notice to OR of death of Trustee? And in how many days?
21 days;
Surviving Joint Trustee;
Member of deceased Trustee’s firm;
Officer of deceased Trustee’s firm;
PR of deceased Trustees
When is the Trustee released in death of Trustee?
Creditor’s petition - on notice of death in Court;
Debtor’s application - date notice is filed with OR
What is Section 421?
Death of Debtor Rules
How many days notice for SoA to be submitted in Debtor deaths?
56 days
