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Bankruptcy: committee of inspection


A committee appointed by a meeting of the creditors to supervise the administration of the bankruptcy. Membcrs must be creditors or persons holding a general proxy or power of attorney. Membership must be not more than five nor less than three. The committee must meet monthly. It acts by majority resolution. No member of the committee may receive payproperty (e.g. purchase any part of it). The property (e.g. purchase any part of it). The committee may give directions to the trustee and must inspect and audit his books at least once every three months.

Reference: The Penguin Business Dictionary, 3rd edt.