Bankruptcy Bonds: Professional Service & Great Rates
Brunswick Companies’ Surety Bonding team provides responsive, knowledgeable assistance to attorneys and other individuals in need of bankruptcy receiver bonds, bankruptcy referee bonds, bankruptcy trustee bonds and all types of court bonds, with the exception of bail bonding.
Brunswick Companies’ Surety Bonds Group is a full-service, national surety bonding agency, licensed in every U.S. state.
What is a Bankruptcy Bond?
A Bankruptcy Trustee Bond is a form of fiduciary bond that guarantees faithful performance of duty by a person appointed as a trustee, receiver or referee in a bankruptcy action. These actions include:
- Chapter 7 - Liquidation: The bankruptcy bond guarantees that the principal will faithfully perform duties, generally as Federal court-appointed trustee, including proper accounting of all funds, paying expenses, and distribution of the remaining assets to creditors as approved by the court. The trustee is responsible for locating and taking possession of all property, conducting audits, determining claimants and objecting to improper claims.
- Chapter 11 - Reorganization: The bankruptcy bond guarantees the faithful performance of duties as court-appointed trustee. This guarantee involves operating the business, filing list of creditors with court along with a list of assets and liabilities. The trustee will continue the business until a plan of reorganization is developed and approved by the court.
- Chapter 13 - Personal Reorganization: The bankruptcy bond guarantees the faithful performance as court-appointed trustee including receiving al moneys from debtor, notifying all creditors and disbursing moneys in accordance with debtor's plan.
- Equity Court: The bankruptcy bond guarantees that the receiver will faithfully perform fiduciary responsibilities. Although the receiver responsibilities are essentially identical to the requirements of a bankruptcy trustee, a receiver bond is usually filed with a state court, also called an equity court, and therefore subject to state statutes. Receivers typically take possession of and preserve and dispose of disputed property under the court's jurisdiction.
Access a Wider Selection of Bankruptcy Bonding Companies - Brunswick Companies provides our clients with: