A bankruptcy trustee is appointed by the Court and the trustee will assume the management of the debtor’s assets. Liquidation will result in the assets of the bankrupt being sold and the proceeds distributed among the creditors under the management of a bankruptcy trustee. The bankruptcy trustee will liquidate the debtor’s assets, list debts, and distribute proceeds of liquidation between creditors according to their debt’s priority. Upon completion of liquidation, if there are no surplus assets, the bankruptcy trustee will take the necessary measures to wind up the company (if the debtor is a company). There are special arrangements for the liquidation of small debtors.
