NOMINATION OF THE INTERIM TRUSTEE
All petitioners have the right to nominate an interim trustee of their own choice. The interim trustee must be an authorised insolvency practitioner and he must sign an undertaking that he will accept the office if appointed and that he will also act as permanent trustee if no other person is elected to that office.
Before accepting a nomination, an insolvency practitioner will wish to be satisfied that:
1. either there are likely to be sufficient funds or realisable assets in the estate to meet the costs of administration;
or
2. that the petitioner will underwrite these costs.
It is not necessary to nominate an interim trustee and if no nomination is made, the court will automatically appoint the Accountant in Bankruptcy.