Trustee in Bankruptcy

Trustee in Bankruptcy

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Many many years ago my client acquired a business. The vendor has recently been made bankrupt. The trustee in bankruptcy is asking some fairly detailed questions about the sale proceeds and about my client's current knowledge of the vendor.

It was a straightforward transaction but the passage of time means finding some of the records is going to be a challenge - therefore useful to know how the land lies.

I assume the Trustee has no legal powers and whether and to what extent answers are given are wholly within the gift of my client. Is that correct?

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By carnmores
30th Jul 2010 13:39

not sure i agree with that

the trustee has extremeley wide powers and can impose sanctions for non compliance

if the sale took place in the recent past , say 2 years, the the trustee is within his rights to ask, your client can either answer the questions if he knows the answer or not if he doesnt

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By paulwakefield1
30th Jul 2010 13:58

Long time ago

The sale was 18 years ago.

 

But thanks for the information - I'll see what my client wants to do.

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