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Lecture Notes: Bankruptcy Administration |
The power of the trustee: How does the trustee gather the assets of the estate in bankruptcy.
Creditors' claims: How do creditors and other parties assert their rights in the administration.
Orders: How does the court resolve contested matters and adversary proceedings.
Discharge, distribution and closing: How does the case come to an end.
Creditors must file a Proof of Claim. Others claiming some interest in the property of the debtor's estate must file a Proof of Interest.
Proofs must be filed in the court on or before the date set by the court for the first meeting of creditors. If the creditor does not, the debtor, or the trustee, or some other interested person can file within 30 days after the date set for the first crediitors meeting.
Equity Security Holders will file a proof of interest. An equity security holder is, for example, the owner of a share of stock in an incorporated debtor.There is a presumption that if the proof was not filed, the inaction is a waiver of the right to participate in the bankruptcy administration, the distribution of any assets among creditors..