A Muscogee County, Georgia bankruptcy trustee in may use, sell, or lease property in the filer’s estate in the ordinary course of business. Besides, a bankruptcy court can allow the trustee to operate the filer’s business for a certain time if continued operation is in the best interests of the estate and the creditors. For instance, if the farm debtor is in the hog business and the estate is made of hogs of varying sizes, the trustee may be ordered to feed the hogs until they attain market weight so as to maximize the amount recovered by the estate. But, if the livestock owned by a farm debtor is subject to a valid, perfected security interest, the trustee will not, in almost all cases, undertake the further care and feeding of the livestock. Rather, he will likely abandon the property so as to limit the estate’s continued responsibility. Though the appointment of a case trustee is rarely occurs in a chapter 11 proceeding, a party in interest or the United States trustee may apply for the appointment of a case trustee or examiner at any time before confirmation in a chapter 11 proceeding. The judge, on request by a party in interest or the United States trustee and upon notice and hearing, may order the appointment of a case trustee for cause, including fraud, dishonesty, incompetence, or gross mismanagement, or if such an appointment is in the interest of creditors, any equity security holders, and other interests of the estate.
———————Columbus Georgia bankruptcy lawyer | Bankruptcy attorneys in Columbus GA and Fort Benning – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Columbus GA and Fort Benninghttp://www.columbus-ga-bankruptcy.com
Comments on this entry are closed.