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Financial ServicesISCO 2411

Bankruptcy trustee

A bankruptcy trustee is a person who takes charge of a debtor's estate once bankruptcy is declared, sells it and distributes the proceeds among creditors.

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Rate 5 of the 13 essential skills of this occupation (European ESCO data). No account needed.

collect property financial information

advise on bankruptcy proceedings

analyse loans

examine credit ratings

obtain financial information

About bankruptcy trustee

The trustee begins by collecting financial information: what the debtor owns, who is owed what, and which debts are secured. Financial information on properties within the estate is gathered separately, covering legal status, charges and value. They review legal documents and investigate whether financial fraud occurred before the bankruptcy, looking for assets moved out, sham agreements and selected creditors paid ahead of others.

Loans and credit ratings are analysed to establish how the debt arose and which claims are genuine. The trustee works in debt systems, where the list of creditors and the settlements are kept. Money raised from selling non-exempt property is divided among creditors' claims in the order that insolvency law sets. They also advise on the bankruptcy proceedings themselves.

How someone becomes a bankruptcy trustee differs from country to country: the role is filled by licence or by court appointment under national insolvency law rather than by one qualification.

European Skills Framework

Skills and knowledge areas required for this occupation based on European classification.

Essential (13)

fraud detectionfraud detectionThe techniques used to identify fraudulous activities.debt classificationdebt classificationThe different classifications of debt such as public and publicly guaranteed debt, private non-guaranteed credits, central bank deposits, etc.insolvency lawinsolvency lawThe legal rules regulating the incapacity to pay debts when they fall due.debt systemsdebt systemsThe processes needed to obtain goods or services before payment and when a sum of money is owed or overdue.business loansbusiness loansLoans which are intended for business purposes and which can either be secured or unsecured depending on whether a collateral is involved. The different types of business loans such as bank loans, mez...collect property financial informationcollect property financial informationCollect information concerning the previous transactions involving the property, such as the prices at which the property had been previously sold and the costs that went into renovations and repairs,...advise on bankruptcy proceedingsadvise on bankruptcy proceedingsGuide and advise clients on the formalities, procedures and the actions that can ameliorate the losses in case of bankruptcy.analyse loansanalyse loansExamine and analyse the loans provided to organisations and individuals through different forms of credit such as overdraft protection, export packing credit, term loan, and purchase of commercial bil...examine credit ratingsexamine credit ratingsInvestigate and look for information on the creditworthiness of companies and corporations, provided by credit rating agencies in order to determine the likelihood of default by the debtor.obtain financial informationobtain financial informationGather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.revise legal documentsrevise legal documentsRead and interpret legal documents and proofs about happenings in relation with the legal case.perform debt investigationperform debt investigationUse research techniques and tracing strategies to identify overdue payment arrangements and address them.handle financial transactionshandle financial transactionsAdminister currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.
Optional (15) — show
banking activitiesbanking activitiesThe broad and continuously growing banking activities and financial products managed by banks ranging from personal banking, corporate banking, investment banking, private banking, up to insurance, fo...financial statementsfinancial statementsThe set of financial records disclosing the financial position of a company at the end of a set period or of the accounting year. The financial statements consisting of five parts which are the statem...liquidity managementliquidity managementThe theory and practices around the management of liquidity in a company with the aim of facilitating meeting obligations with thirds parties without compromising the smooth functioning of the company...investment analysisinvestment analysisThe methods and tools for analysis of an investment compared to its potential return. Identification and calculation of profitability ratio and financial indicators in relation to associated risks to ...actuarial scienceactuarial scienceThe rules of applying mathematical and statistical techniques to determine potential or existing risks in various industries, such as finance or insurance.trace financial transactionstrace financial transactionsObserve, track and analyse financial transactions made in companies or in banks. Determine the validity of the transaction and check for suspicious or high-risk transactions in order to avoid mismanag...maintain client debt recordsmaintain client debt recordsPreserve a list with the debt records of clients and update it regularly.protect client interestsprotect client interestsProtect the interests and needs of a client by taking necessary actions, and researching all possibilities, to ensure that the client obtains their favoured outcome.administer debtor's assetsadminister debtor's assetsManage the property owned by a debtor in the case of bankruptcy and exert the power of disposition if necessary.maintain records of financial transactionsmaintain records of financial transactionsCollate all the financial transactions done in the daily operations of a business and record them in their respective accounts.value propertiesvalue propertiesExamine and evaluate land and buildings in order to make valuations about their price.apply technical communication skillsapply technical communication skillsExplain technical details to non-technical customers, stakeholders, or any other interested parties in a clear and concise manner.consult credit scoreconsult credit scoreAnalyse the credit files of an individual, such as credit reports which outlines a person's credit history, in order to assess their creditworthiness and all the risks that would be involved in granti...provide financial product informationprovide financial product informationGive the customer or client information about financial products, the financial market, insurances, loans or other types of financial data.handle financial disputeshandle financial disputesHandle disputes between individuals or organisations, either public or corporate, which deal with financial matters, accounts, and taxation.

Related Occupations

Occupations that need many of the same essential skills, so the move between them is shortest.

credit adviser6 shared essential skillscredit analyst5 shared essential skillscredit manager4 shared essential skillsinsurance collector4 shared essential skillstax compliance officer4 shared essential skillsdebt collector3 shared essential skillsforeclosure specialist3 shared essential skillsinsurance rating analyst3 shared essential skills

Frequently asked questions

What does a bankruptcy trustee do?

Bankruptcy trustees administer a client's bankruptcy case, investigate legal documentation for fraud possibilities and manage the money received from the sale of non-exempt property so as to distribute it to the owed creditors.

What skills does a bankruptcy trustee need?

A bankruptcy trustee needs 13 essential skills, including fraud detection, debt classification, insolvency law, debt systems, business loans.

Will AI replace bankruptcy trustee jobs?

The AI disruption score for bankruptcy trustee is 70/100 (high risk). Skills most exposed to automation: financial statements, maintain client debt records, debt classification. Most resilient: protect client interests, handle financial transactions, actuarial science.

AI Replacement Risk

70/ 100
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Quick Facts

SectorFinancial Services
ISCO GroupBusiness and administration professionals
Essential Skills13

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