Bankruptcy Forms: Filing Bankruptcy Chapter 7 Bankruptcy Software Chapter 13

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TITLE 11–BANKRUPTCY

CHAPTER 7–LIQUIDATION

Sub Chapter – Officers and Administration

Sec. 701. Interim trustee

   (a)(1) Promptly after the order for relief under this chapter, the 
United States trustee shall appoint one disinterested person that is a 
member of the panel of private trustees established under section 
586(a)(1) of title 28 or that is serving as trustee in the case 
immediately before the order for relief under this chapter to serve as 
interim trustee in the case.
    (2) If none of the members of such panel is willing to serve as 
interim trustee in the case, then the United States trustee may serve as 
interim trustee in the case.
    (b) The service of an interim trustee under this section terminates 
when a trustee elected or designated under section 702 of this title to 
serve as trustee in the case qualifies under section 322 of this title.
    (c) An interim trustee serving under this section is a trustee in a 
case under this title.

(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2604; Pub. L. 99-554, title II, 
Sec. 215, Oct. 27, 1986, 100 Stat. 3100.)


                      Historical and Revision Notes

                         legislative statements

    The House amendment deletes section 701(d) of the Senate amendment. 
It is anticipated that the Rules of Bankruptcy Procedure will require 
the appointment of an interim trustee at the earliest practical moment 
in commodity broker bankruptcies, but no later than noon of the day 
after the date of the filing of the petition, due to the volatility of 
such cases.


                        senate report no. 95-989

    This section requires the court to appoint an interim trustee. The 
appointment must be made from the panel of private trustees established 
and maintained by the Director of the Administrative Office under 
proposed 28 U.S.C. 604(e).
    Subsection (a) requires the appointment of an interim trustee to be 
made promptly after the order for relief, unless a trustee is already 
serving in the case, such as before a conversion from a reorganization 
to a liquidation case.
    Subsection (b) specifies that the appointment of an interim trustee 
expires when the permanent trustee is elected or designated under 
section 702.
    Subsection (c) makes clear that an interim trustee is a trustee in a 
case under the bankruptcy code.
    Subsection (d) provides that in a commodity broker case where speed 
is essential the interim trustee must be appointed by noon of the 
business day immediately following the order for relief.


                               Amendments

    1986--Subsec. (a). Pub. L. 99-554 designated existing provisions as 
par. (1), substituted ``the United States trustee shall appoint'' for 
``the court shall appoint'', ``586(a)(1)'' for ``604(f)'', ``that is 
serving'' for ``that was serving'', and added par. (2).


                    Effective Date of 1986 Amendment

    Effective date and applicability of amendment by Pub. L. 99-554 
dependent upon the judicial district involved, see section 302(d), (e) 
of Pub. L. 99-554, set out as a note under section 581 of Title 28, 
Judiciary and Judicial Procedure.

                  Section Referred to in Other Sections

    This section is referred to in sections 303, 322, 348, 557, 703 of 
this title.


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Legal Resource Center: United States Code TITLE 11 Filing Bankruptcy Forms Software