March 26th, 2009 by Questions
Why do they have Inspectors? What to they do?
Posted from: New Brunswick
March 27, 2009 at 9:15 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
The Bankruptcy and Insolvency Act provides for inspectors so that the creditors can have a measure of administrative control. This control is exercised particularly at the first meeting of creditors, when the creditors:
* confirm the trustee’s appointment (or substitute another trustee); * provide the trustee with directions; and * appoint a board of inspectors.
The inspectors are appointed as representatives of all creditors and occupy positions of trust. They are expected to assist the trustee by virtue of their experience and are required to supervise certain aspects of the trustee’s administration.
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