THE NATIONAL ASSOCIATION OF
BANKRUPTCY TRUSTEES
NABT: OUR STORY
The National Association of Bankruptcy Trustees (the "NABT") is a
nonprofit association formed in 1982 to address the needs of the bankruptcy
trustees1 throughout the country and to promote the effectiveness
of the bankruptcy system as a whole. While the majority of the trustees who
are members of the NABT are Chapter 7 trustees who primarily liquidate nonexempt
assets for the benefit of creditors, many Chapter 7 trustees also serve as Chapter
11 trustees, who operate and reorganize companies. Some of our members are also
Chapter 12 trustees who handle farm bankruptcies, or Chapter 13 trustees who
administer wage earner plans which provide a return to creditors primarily from
the future income of our debtors.
Chapter 7 trustees alone currently distribute approximately $1.5 billion dollars
each year to creditors and administer over one million cases annually. There
are approximately 1,200 panel trustees in the country who are currently receiving
new cases, three quarters of whom are NABT members, together with hundreds of
associate members, including judges, United States Trustees (USTs)2,
auctioneers, appraisers, insurance agents, bankers, attorneys, and accountants
who frequently work with trustees.
The NABT provides a wealth of information
and a common voice for panel trustees by issuing a quarterly publication known
as NABTalk, which is circulated throughout the country to all members, as well
as all United States Trustees and Assistant United States Trustees. A barometer
of issues important to bankruptcy trustees, NABTalk also provides a valuable
educational resource in addition to timely updates on fast breaking topics of
interest to trustees. An author and subject matter index of NABTalk articles
is now available, as well as an index3 of seminar and
convention topics. NABT members are also electronically connected by our web
site on the Internet which may be found at www.nabt.com. Not only can the NABT
leadership communicate instantly with its members, but all trustee members are
able to share ideas and have questions answered. Moreover, a program to assist
trustees in the sale of assets on the Internet has been developed by NABT as
well as a joint website with with the American Bankruptcy Institute to view
assets for sale. ABI/NABT Asset sale information can be found at www.bankruptcysales.com.
The NABT is also a significant source of
education for panel trustees through its trustee seminars. The Association presently
sponsors at least two educational events each year, including a seminar on trustee
issues, and an annual convention which attracts speakers from all over the world
and attendance of over 500 persons. Members who attend the annual convention
are provided an in-depth look at the management of trustee operations as well
as the good fellowship of trustees from all over the nation, who participate
in numerous social events including golf tournaments, fun runs and hikes, tours
and boat trips which all culminate in the President's Banquet and Dinner Dance
on the last day of each convention.
The NABT has also been successful in bringing
specific issues of concern to our membership to the attention of the United
States Congress, Congressional Staff Members, the United States Trustee, the
Administrative Office of the United States Courts, and the National Bankruptcy
Review Commission4 as well as other organizations involved
in bankruptcy or with the legislative process. Fair and equitable changes to
the United States Bankruptcy Code have been achieved, such as the recent increases
in compensation for trustees. Legislative changes currently being considered
include proposed legislation providing administrative procedures and due process
for panel trustees as well as legislation proposed to provide a uniform standard
of care governing personal liability for trustees. Other concerns being addressed
include modification to laws, regulations and policies regarding federal taxation,
the continued employment of trustees as professionals in bankruptcy estates,
the priority and distribution of estate funds to creditors and the effectiveness
of individual panel trustees. Members of the NABT have testified before Congress
and the EOUST5 Advisory Board6,
and at hearings conducted by National Bankruptcy Review Commission.
One of the primary goals of the NABT is to foster an awareness that if sensible
and legal solutions are not developed regarding issues such as these, panel
trustees will be less effective in returning significant dividends to creditors
as well as maintaining the integrity of the bankruptcy system.
Footnotes
1 Private citizens who may be attorneys, accountants or business
executives appointed by the Department of Justice to administer bankruptcy cases.
2 United States Trustees are a division of the United States
Department of Justice created by statue to supervise and maintain a panel of
private trustees.
3 The index and individual articles may be ordered from NABT
headquarters at (800) 445-8629. The NABT headquarters also serves as an information
clearinghouse allowing members to more quickly and effectively handle their
caseloads.
4 A commission formed to study and propose to Congress proposed
modifications to the United States Bankruptcy Code and Rules.
5 Executive Office of the United States Trustees.
6 This is a panel of USTs and judges selected by the Director
of the EOUST to advise the Director on important issues.
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