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Role of an IP in Bankruptcy Process
On passing of bankruptcy order, the estate of debtor vests in the IP acting as BT. In case order is passed on an application by creditor, BT may require information related to a statement of financial position. BT prepares a list of creditors of the bankrupt and convenes a meeting of creditors. He is responsible for conducting the administration and distribution of the estate of the bankrupt by investigating his affairs, realizing, and distributing the estate. He holds property of every description, makes contracts, sues and may be sued, enters into engagements in respect of the estate of the bankrupt, employs persons to assist him, executes any power of attorney, deed or other instrument and does any other act which is necessary or expedient for the purposes of or in connection with the exercise of his rights. On completion of administration and distribution of estate, he convenes a meeting of the committee of creditors and submits a report for approval. He applies to AA for discharge of bankruptcy and is released from his duties with effect from the date on which the committee of creditors approves his report.