Curator

A trustee is an independent third party appointed by the court upon the declaration of bankruptcy. This person assumes full power of disposition over the assets of the bankrupt and is responsible for preparing an inventory, selling assets and distributing proceeds to creditors.

The trustee acts on behalf of the creditors collectively and has extensive powers to set aside transactions prejudicial to creditors and to maximise the value of the estate. The role is essential to ensuring an orderly and fair administration of the bankruptcy.

In practice, the trustee reports to the court and, where applicable, to a creditors’ committee, and decides on the continuation or sale of the business.