The items below are excerpted from the Business Bankruptcy News Bulletin. A full issue contains information on dozens of troubled companies, as well as informational and analysis highlights and an examination of business bankruptcy matters. More information on subscribing to the Bulletin at http://usbj.biz/.
Basic Functions of the U.S. Trustee’s Office
The office of the U.S. Trustee was established by Congress as part of the Bankruptcy Reform Act of 1978 to oversee certain aspects of bankruptcy reorganizations. The Trustee, who acts on behalf of the executive branch of the federal government, functions to appoint and supervise other trustees that manage individual bankruptcy cases. The Trustee can also take legal action to enforce provisions of the U.S. Bankruptcy Code as he or she looks to prevent fraud and abuse and can also refer matters under investigation for prosecution. Overall, the Trustee is commissioned to see that bankruptcy estates are administered efficiently and that fees charged are reasonable.
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