Property Holders Obligation

January 5th, 2011 by Questions

What obligation do i have if i hold property for a bankrupt who I know is bankrupt but i have not been officially notified by the Licensed Insolvency Trustee ? Must I contact the trustee or can i simply give the property back to the bankrupt?

Posted from: Nova Scotia


One Response to “Property Holders Obligation”

, A licensed trustee said:

Well, I think you know what you should do – you just need to hear it from some one else… If you have property that belongs to a person and you know they have filed for bankruptcy then you should contact thier trustee and tell them about the property. If you don’t know who their trustee (which is likely) then you may either ask them who they are dealing with or simply return the item. This is the sort of thing that has a way of coming back to bite you in the “#%@” if you don’t do something to protect yourself…. It is a small world and if the trustee finds out something has been “hidden” there may be serious consequences for everyone involved.

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