Curator

A trustee in bankruptcy is a person whose job is to handle bankruptcy proceedings. The trustee acts in the interests of society and creditors, which are often companies, private individuals or public authorities.

The trustee makes sure that creditors get as much of their claims covered as possible.

What does a curator do?

The trustee represents the interests of creditors in bankruptcy proceedings. The trustee is appointed by the bankruptcy court to get an overview of the bankruptcy estate's financial status and distribute any surplus to lenders, public authorities and other creditors. The trustee has the opportunity to act on behalf of the company and thus also has control over any assets.

How do you become a curator?

It is typically people with several years of experience in bankruptcy, insolvency and division of property who are appointed as trustees by the bankruptcy court. In practice, lawyers are often appointed as trustees when a company or private individual goes bankrupt. According to the Bankruptcy Act, there is no requirement or rule that a trustee must be a trained lawyer, and there is no specific training to become a trustee. Some lawyers refer to themselves as 'trustee lawyers' if they are involved in the field, but in principle, any lawyer can act as a trustee, although not all choose to provide this service.

Trustee can recommend bankruptcy quarantine

If the trustee in bankruptcy finds that the company's management has engaged in grossly irresponsible business conduct, the trustee in bankruptcy can recommend a disqualification. A bankruptcy disqualification against a person is a ban on the person participating in the management and operation of a company run in corporate form, such as a public limited company or private limited company - i.e. a company with limited liability. Bankruptcy disqualification triggers a ban on being registered as a director, and if you are already registered as such at the time of disqualification, these registrations must be removed. If the management receives a bankruptcy disqualification, this is recorded in a register that is not publicly accessible.

What does a trustee cost?

The cost of a trustee can vary depending on the scope and complexity of the case and whether it is a private individual or a company. It is the bankruptcy estate, i.e. the debtor, that pays for the trustee and the money is taken from any bankruptcy estate.