election of trustee

election of trustee
In a Chapter 7 case, the creditors have the option to elect a trustee, at the meeting of creditors, to replace the interim trustee. For such an election to occur, creditors representing at least 20% of the claims must request a vote and a majority of the creditors voting must approve the candidate. In a Chapter 11 case, if a trustee appointment has been ordered by the court, any party in interest may, within 30 days of the order, request an election to replace the trustee. (Bernstein's Dictionary of Bankruptcy Terminology)

United Glossary of Bankruptcy Terms 2012.

election of trustee
In a Chapter 7 case, the creditors have the option to elect a trustee, at the meeting of creditors, to replace the interim trustee. For such an election to occur, creditors representing at least 20% of the claims must request a vote and a majority of the creditors voting must approve the candidate. In a Chapter 11 case, if a trustee appointment has been ordered by the court, any party in interest may, within 30 days of the order, request an election to replace the trustee.

US Bankruptcy 2012.


Glossary of Bankruptcy.

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