Certified Bankruptcy Trustee Services
Certified Bankruptcy Trustee helps liquidate the debtor’s assets, list debts, and distribute proceeds of liquidation between creditors according to their debt’s priority and wind up the company when no surplus is left.
At AlSaggaf, we recognize and tailor our strategy to align with the understanding that a trustee is often required to do much more than collect assets and distribute funds. A trustee can and frequently is expected to be a “jack-of-all trades,” operating the debtor’s business as chief executive officer until it can be sold as a going concern or properly wound down.
The bankruptcy trustee aims to allow the bankrupt, distressed, or potentially distressed debtor to benefit from the bankruptcy procedures so that he or she can restructure his or her finances, and resume his/her business activities, while protecting the creditors’ rights and maximizing the Bankruptcy Assets.
A bankruptcy trustee is appointed by the Court and the trustee will assume the management of the debtor’s assets. Liquidation will result in the assets of the bankrupt being sold and the proceeds distributed among the creditors under the management of a bankruptcy trustee.
If Liquidation is required then it will result in the assets of the bankrupt being sold and the proceeds distributed among the creditors under the management of a bankruptcy trustee.
The Bankruptcy Law contains seven main procedures which are listed below.
Protective Settlement Procedure
A procedure that aims to facilitate reaching an agreement between the debtor and his/ her creditors to settle the debts and allow the debtor to continue running his/her business.
Financial Restructuring Procedure
A procedure that aims to facilitate reaching an agreement between the debtor and his/ her creditors to financially restructure his/ her business activity under the supervision of the financial restructuring officeholder.
A procedure that aims to account for creditors’ claims, the sale of the Bankruptcy Assets and the distribution of the sale proceeds to the creditors under the management of the Bankruptcy Trustee.