Common use of HISTORICAL AND REVISION NOTES LEGISLATIVE STATEMENTS Clause in Contracts

HISTORICAL AND REVISION NOTES LEGISLATIVE STATEMENTS. Section 704(8) of the Senate amendment is deleted in the House amendment. Trustees should give construc- tive notice of the commencement of the case in the manner specified under section 549(c) of title 11. SENATE REPORT NO. 95–989 The essential duties of the trustee are enumerated in this section. Others, or elaborations on these, may be prescribed by the Rules of Bankruptcy Procedure to the extent not inconsistent with those prescribed by this section. The duties are derived from section 47a of the Bankruptcy Act [section 75(a) of former title 11]. The trustee’s principal duty is to collect and reduce to money the property of the estate for which he serves, and to close up the estate as expeditiously as is compatible with the best interests of parties in inter- est. He must be accountable for all property received, and must investigate the financial affairs of the debtor. If a purpose would be served (such as if there are assets that will be distributed), the trustee is required to ex- amine proofs of claims and object to the allowance of any claim that is improper. If advisable, the trustee must oppose the discharge of the debtor, which is for the benefit of general unsecured creditors whom the trustee represents. The trustee is responsible to furnish such informa- tion concerning the estate and its administration as is requested by a party in interest. If the business of the debtor is authorized to be operated, then the trustee is required to file with governmental units charged with the responsibility for collection or determination of any tax arising out of the operation of the business periodic reports and summaries of the operation, in- cluding a statement of receipts and disbursements, and such other information as the court requires. He is re- quired to give constructive notice of the commence- ment of the case in the manner specified under section 342(b).