Trustees and Receivers
At Pendergraft & Simon, we are dedicated to safeguarding the value of your business, real estate, and any other assets during a Chapter 11 Bankruptcy. Our expertise allows us to quickly and efficiently manage your assets.
WHAT IS A BANKRUPTCY TRUSTEE?
When filing for Chapter 11 Bankruptcy, the trustee is the appointed bankruptcy administrator and is responsible for managing the affairs of the business in debt, as well as the filing of all required reports and tax returns. Under Section 1106 of the U.S. Bankruptcy Code, the duty of the trustee also includes filing a detailed Chapter 11 plan “as soon as practicable.”
Our experience in the state of Texas allows us to advise our clients in anticipating the likely next and most practical steps when a trustee is involved. In addition, our attorneys have had practical experience in dealing with trustees over the years. This enables us to develop specialized results for each bankruptcy case.
WHAT IS A BANKRUPTCY RECEIVER?
A bankruptcy receiver attempts to recoup as much of the unpaid debt as quickly as possible through a liquidation of debtor’s assets that have been approved for sale. In certain conditions, a receiver may also operate the debtor’s business in order to maximize the value of the business’s assets.
Some of the other duties receivers perform include, providing receiver reports for the court on the liquidation of any of the debtor’s assets, preparing the appropriate motions for the recovery of property, and assisting in the finalization of the administration process.
If your business is considering retaining a trustee or receiver in a Chapter 11 bankruptcy, please contact our firm so that we can help you and discuss your options.