In the United States bankruptcy proceedings, the U.S. Trustee appoints and supervises a panel of private trustees who are available to handle cases under the various chapters of the bankruptcy code. These trustees supervise the administration of cases. The law also allows the trustee to establish a blanket bond in favor of the United States, conditioned on the faithful performance of official duties by the panel of trustees. The U.S. Trustee establishes the penal amount. Such blanket bonds often include “per-case” limit and an aggregate limit per trustee.
The bond is required to ensure that the trustee carries out their specified duties as prescribed in the bankruptcy code. The trustee is responsible to the management and liquidation of assets depending on the type of bankruptcy case that has been filed.
The Bankruptcy Trustee bond is made payable to the people of the United States and ensures that all trustees will carry out their duties faithfully. The bond generally protects the creditors involved in the bankruptcy proceeding.
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