Trustees Duties

 In order to answer this question, I’ll start with the dictionary definition of “fiduciary.”   Fiduciary means a person who is in a position of power with regard to the property of another such that the law requires him to act solely in the interest of the person he represents.   So your question would technically be “Does the Trustee act solely for the Bankrupt? The answer to that would be…..no.   In administering a bankruptcy, the Trustee must follow the federal Bankruptcy & Insolvency Act. In doing so, various stakeholders can become involved: -         the creditors -         the Superintendent in Bankruptcy -         the public interest -         the bankrupt individual themselves   If you have a specific situation, don’t hesitate to contact us to review.   Donna Carson, CGA, CIRP, Trustee Calgary, Airdrie, Drumheller regions 403.537.7657 or 1.877.500.0792 donna.carson@mnp.ca