Duties of Bankruptcy Officeholders

The Bankruptcy Law aims to assist the Court with duties that requires experience and field performance, by appointing officeholders who are on the commission's special list. The Commission ensures the eligibility and capability of the officeholders who undertake imperative tasks related to procedures that protect the parties' equities. This, in turn, brings about prompt justice that includes restoring the financial activities of debtors' and paying back their debt to the creditors.

The officeholder's role in the financial restructuring procedure is to oversee the debtor's financial activities, to protect the creditors' rights, and to insure the implementation of the procedures to achieve the objectives of all parties involved. In some cases, the officeholder also ceases the debtor's control over the commercial activities that include the retailing, purchasing, and marketing of goods and signing and terminating contracts. The officeholder's role during the Liquidation Procedure is to assess and maximize the value of assets. The officeholder also identifies the debtor's liabilities, categorizes them, and distributes the proceeds to creditors in accordance with the Law, the debt ranking, and set-off procedures.