An official appointed by the creditors either at their first meeting. if they intend that the debtor be adjudged bankrupt, or otherwise after adjudication. The trustee must give security and the appointment must be confirmed by the Department of Trade and Industry. The appointment may be made by a committee of inspection. If no appointment is made within four weeks the Department of Trade and Industry will appoint the trustee. The trustee's remuneration is fixed by the creditors. His job finishes when he is di$missed by a resolution of the creditors or when, having done all he can, having been removed, or resigned, he applies to the Department of Trade and Industry for his release. Where no trustee is appointed the official receiver will act as such.
|Reference: The Penguin Business Dictionary, 3rd edt.|