Bankruptcy Code

Bankruptcy is a legal declaration that allows some debtors to discharge their unsecured debts. The text of this statute is provided as general information to the public. It may be amended, revised, or rescinded at any time without notice. This information is not intended to be legal advice. For more information, please see our disclaimer.

11 U.S.C. § 703. Successor trustee

(a) If a trustee dies or resigns during a case, fails to qualify under section 322 of this title [11 USCS § 322], or is removed under section 324 of this title [11 USCS § 324], creditors may elect, in the manner specified in section 702 of this title [11 USCS § 702], a person to fill the vacancy in the office of trustee.

(b) Pending election of a trustee under subsection (a) of this section, if necessary to preserve or prevent loss to the estate, the United States trustee may appoint an interim trustee in the manner specified in section 701(a) [11 USCS § 701(a)].

(c) If creditors do not elect a successor trustee under subsection (a) of this section or if a trustee is needed in a case reopened under section 350 of this title [11 USCS § 350], then the United States trustee--
(1) shall appoint one disinterested person that is a member of the panel of private trustees established under section 586(a)(1) of title 28 to serve as trustee in the case; or
(2) may, if none of the disinterested members of such panel is willing to serve as trustee, serve as trustee in the case.