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Payment Received After Business files Bankruptcy

My company went Bankrupt. It received just under $5,000 from a much earlier receivable. The company bank account has been Closed. Can the Trustee accept the payment payable to the Bankrupt corp’n and disperse it as they see fit??

Posted from: Ontario

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One Response to “Payment Received After Business files Bankruptcy”

Doug Stuive, CA | Trustee | CIRP said...

When a business files for bankruptcy then all of the assets of the business vest in the Trustee. That would include any accounts receivable that may be due to the business. The Trustee will be able to accept this payment and will deposit it into their trust account set up for the bankruptcy estate. They will distribute the funds according to the rules set out in the Bankruptcy and Insolvency Act.