December 28th, 2006 by Questions
What is summary administration as mentioned in one of the blogs – I couldn’t find it when I did a search.
December 29, 2006 at 12:01 am, Barton Goth, GCO Inc. Bankruptcy Trustees said:
When you file a bankruptcy there are 2 types of administrations; summary and ordinary. An ordinary administration is for bankruptcy that the anticipated receipts are going to exceed $10,000, whereas a summary administration is for those estates with less than $10,000 in revenues. The idea between these different administration types is the summary is a streamlined version that has less statutory and administrative tasks so that the cost of filing a bankruptcy in these simpler situations can be minimized.
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