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Duties and responsibilities of the trustee: To advertise their appointment. ... To assist the Official Receiver. ... To realise any assets belonging to the bankrupt for the benefit of creditors; To report to the Financial Conduct Authority. ... To use the Insolvency Service Account. ... To keep records. ... To investigate.
When a chapter 7 case with assets is closed, the trustee files a final report that accounts for the disposition of assets, as well as the distribution of funds to creditors and to administrative expenses. The data from these final reports are compiled by the USTP for oversight and statistical reporting purposes.
The Chapter 7 trustee can keep the case open for about four to six months after filing the bankruptcy papers. However, this does not end with discharge, but with the court's final decree. The importance of Chapter 7 asset case timeline cannot be overstated.