What Is The Trustees Discharge?
When work on a bankruptcy file is complete, the Trustee must file a formal report with the Office of the Superintendent of Bankruptcy and the Court. This report includes an accounting of the liquidation of the assets, the various costs of the administration, details of the Trustee’s fees and listing of the funds distributed to the Unsecured Creditors. The Trustee notifies the Bankrupt and the Creditors of the time and place of the Trustee’s discharge hearing. Anyone who takes exception to the Trustee’s administration may make their objection to the Court, in which case a Court hearing will be scheduled to review their concerns. When the Court finds the Trustee has satisfactorily completed the administration of the bankruptcy, it will grant the Trustee a discharge and the Trustee’s duties are concluded.
When work on a bankruptcy file is complete, the Trustee must file a formal report with the Office of the Superintendent of Bankruptcy and, depending on the type of file, the Court. This report includes an accounting of the liquidation of the assets, the various costs of the administration of the bankruptcy, details of the Trustee’s fee and listing of the funds distributed to the unsecured creditors. The Trustee notifies the bankrupt and the creditors of the time and place of the Trustee’s discharge hearing. Anyone who takes exception to the Trustee’s administration may make their objection to the Court, in which case a Court hearing will be scheduled to review their concerns. When the Court finds the Trustee has satisfactorily completed the administration of the bankruptcy, it will grant the Trustee a discharge and the Trustee’s duties are concluded.
