What happens to a USA vehicle in the Bankrupt’s name?
February 13th, 2015 by Questions
What happens to a USA vehicle registered in the Bankrupt’s name?. Who retrieves the vehicle?
Posted from: Ontario
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February 13, 2015 at 7:16 am, Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said:
When you file an Assignment in bankruptcy you are signing over to the trustee for the benefit of your unsecured creditors everything that you own, have an interest in or a right to, wherever it may be located. Section 158(a) of the Bankruptcy and Insolvency Act says “a bankrupt shall make discovery of and deliver all his property that is under his possession or control to the trustee or any person authorized by the trustee…” If there is a secured creditor with an interest in the vehicle, they may be entitled to the vehicle should the trustee’s interest be subordinate to that claim. It may be that the trustee simply sells the vehicle where it is.