What Duties Do Officers And Directors Have?
First, it is important to understand that the Trustee has broad powers to examine virtually any party who has knowledge of the affairs of the Bankrupt Company or a Company filing a Proposal. In a voluntary bankruptcy situation, it is common for one officer of the Company to be the key point of contact to provide information to the Trustee. If the Company has been Petitioned into bankruptcy, the Official Receiver may specify which officer of the Bankrupt Company will be designated to perform the duties described below. The Bankruptcy and Insolvency Act sets out specific duties for the designated officer of the bankrupt Company.
