Turnover (of Property of the Estate)

The transfer of property of the estate by a person in possession of the property to the debtor or trustee. Under Section 542 parties in possession of property of the bankruptcy estate are required to deliver that property to the debtor or the trustee. Used by some devilish debtors and trustees to sue for recovery of accounts receivable.

Bankruptcy Code ยงยง 542, 543. See also Receiver.

Email Term