Trustee - Kanzainin

Japanese: 管財人 - かんざいにん

(1) Trustee in reorganization A person in charge of managing the assets of a reorganized company, running the business, and drafting the reorganization plan during corporate reorganization procedures. The court appoints a trustee at the same time as the decision to commence reorganization procedures is made, and thereafter the authority to run the business and manage and dispose of the assets is given exclusively to the trustee, who is responsible for drafting and executing the reorganization plan. The trustee must perform his/her duties under the supervision of the court, with the duty of care of a good manager, and if he/she fails to fulfill this duty, he/she will be held liable for damages. In addition, if there are serious reasons, the court may dismiss the trustee. Although the Corporate Reorganization Act uses the term trustee, the person is generally called a reorganization trustee.

(2) Trustee in bankruptcy An institution that represents the bankruptcy estate and manages the estate, converts it into cash, and distributes dividends. There has been debate over the status of the bankruptcy trustee, with some arguing that it is a formality or an agency theory, but currently the prevailing view is that the trustee is the representative body of the bankruptcy estate, which is an independent legal entity (bankruptcy estate representative theory), and that the trustee is an institution that manages the bankrupt person's estate (trustee management institution theory). Trustees are appointed by the court at the same time as the bankruptcy is declared, and are subject to its supervision.

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

(1) 更生管財人 trustee in reorganization　会社更生手続きにおいて更生会社の財産の管理，事業の経営，更生計画の立案などを担当する者。更生手続き開始決定と同時に裁判所によって管財人が選任され，以後は事業の経営，財産の管理および処分の権限が管財人に専属的にゆだねられ，更生計画案の作成および遂行などを行なう。管財人は裁判所の監督のもと，善良な管理者の注意義務をもって職務を行なうべきこととされており，この義務を怠れば損害賠償責任が課される。また重大な理由がある場合には，裁判所は管財人を解任することができる。会社更生法上は管財人の語を使用しているが一般には更生管財人と呼ばれる。

(2) 破産管財人 trustee in bankruptcy　破産財団を代表し，財団の管理，換価，配当などを行なう機関。破産管財人の地位については，職務説あるいは代理説などの論争があったが，現在では，管財人を破産財団という独立の法人の代表機関とする考え方 (破産財団代表説) ，および破産者の財団を管理する機構とする考え方 (管財人管理機構説) が有力。管財人は，破産宣告と同時に裁判所によって選任され，その監督を受ける。

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