11 U.S.C. § 701 | Interim trustee

(a)

(1)

section 586(a)(1) of title 28 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 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)

section 702 of this title section 322 of this title The service of an interim trustee under this section terminates when a trustee elected or designated under to serve as trustee in the case qualifies under .

(c)

An interim trustee serving under this section is a trustee in a case under this title.

Pub. L. 95–598Nov. 6, 197892 Stat. 2604 Pub. L. 99–554, title II, § 215Oct. 27, 1986100 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

28 U.S.C. 604(e)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 .

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.

Editorial Notes

Amendments

Pub. L. 99–5541986—Subsec. (a). 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).

Statutory Notes and Related Subsidiaries

Effective Date of 1986 Amendment

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