Glossary entry

Spanish term or phrase:

Veedor titular

English translation:

Official Trustee

Added to glossary by Clifford Schisler
Jun 2, 2017 22:40
6 yrs ago
6 viewers *
Spanish term

Veedor titular

Spanish to English Law/Patents Law (general) Court case
This is part of a bankruptcy procedure with debtor and creditors involved.
Spanish from Chile to US English.
Context:
El tribunal consulta a los acreedores presentes si conocen los textos íntegros del acuerdo propuesto por el deudor y del informe evacuados por el Veedor Titular.
Proposed translations (English)
3 +3 Main Trustee

Proposed translations

+3
1 hr
Selected

Main Trustee

One possibility or even main overseer?

Definición de veedor
Veedor es un término que puede emplearse como adjetivo para calificar a aquel que se dedica a observar, registrar o controlar las acciones de otras personas. Como sustantivo, el concepto alude a quien tiene dichas actividades como oficio.
[...]
Los veedores se encargan de vigilar que determinadas acciones se desarrollen de acuerdo a lo establecido por las normas. Por eso un veedor actúa como inspector, revisor, fiscalizador o verificador.
http://definicion.de/veedor/

Procedimiento Concursal de Reorganización de la Empresa Deudora para evitar una Liquidación
Art. 2 N°1:
"Aquel que se suscribe entre una Empresa Deudora y sus acreedores con el fin de reestructurar sus activos y pasivos, con sujeción al procedimiento establecido en los Títulos 1 y 2 del Capítulo III."
Paralelamente, antecedentes a Tribunal
10 días antes de la Junta
5 días después de presentación
Resolución de reorganización
Veedor titular y suplente aceptan su nominación.
https://prezi.com/fftt4mtw01be/procedimiento-concursal-de-re...

http://iuscivile.cl/index.php/derecho-comercial-y-economico/...

¿CÓMO FUNCIONA EL PROCEDIMIENTO? Una vez dictada la Resolución de Reorganización por el tribunal, la Empresa Deudora tendrá Protección Financiera Concursal y se fijará la fecha en que deberá celebrarse la junta de acreedores, llamada a pronunciarse sobre la propuesta de reorganización presentada. Interviene un veedor cuya función principal es propiciar los acuerdos entre la Empresa Deudora y sus acreedores e incentivar la continuidad de la empresa y sus trabajadores.
https://www.asech.cl/wp-content/uploads/2015/10/Ley-Insolven...

Trustee - an officer of the United States Bankruptcy Court. The trustee is the administrator or the overseer of the bankruptcy estate of any potential bankruptcy.
http://www.whataboutthelaw.com/bankruptcy.htm

Your U.S. Trustee
If one is appointed, then your U.S. Trustee will conduct the section 341 meeting where you meet your creditors. Your trustee is your overseer, a sort of half-guardian and half-parole officer.
http://echeck.org/a-guide-to-declaring-chapter-11-bankruptcy...


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Note added at 3 hrs (2017-06-03 01:42:44 GMT)
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Info I have provided is for U.S. Bankruptcies. The most common type of bankruptcies are chapts. 7 and 13 for individuals and 11 for Business, here the role of the trustee in chapt.11
The United States Trustee Program is the component of the Department of Justice that works to protect the integrity of the bankruptcy system by overseeing case administration and litigating to enforce the bankruptcy laws.
The Program consists of an Executive Office for U.S. Trustees in Washington, D.C., as well as 21 regional U.S. Trustee Offices and 95 field offices that operate in all federal judicial districts except those located in Alabama and North Carolina.
Generally, the duties of the U.S. Trustee in a Chapter 11 bankruptcy case are set forth in 28 U.S.C. § 586. They include the following:
First Day Orders. Reviewing the debtor's requests for emergency orders early in a bankruptcy case, and ensuring that the requested relief is tailored to the circumstances. For example, debtors may seek immediate court approval to retain professionals, obtain emergency financing, and pay certain suppliers. These requests may affect the rights of creditors and alter their ability to negotiate the terms of the debtor's reorganization later in the case.
Official Committees. Determining what official committees should be established to serve in the case; appointing committee members; and engaging in oversight of committee actions. Each committee upholds the interests of the creditor group it represents, such as unsecured creditors, bond holders, or equity security holders. A committee usually has seven to 15 members, representing different subgroups of the creditor group. U.S. Trustee oversight includes organizing the committee and supervising the professionals, such as attorneys and accountants, who are employed by the committee.
Reorganization Plans, Disclosure Statements. Reviewing reorganization plans and disclosure statements filed by parties in the case to make sure they provide adequate and accurate information.
Ensuring Compliance. Ensuring that all required reports, schedules, and fees are timely filed, and that the debtor manages money and assets consistent with the Bankruptcy Code and with its fiduciary duty to creditors. Required documents include the debtor's monthly operating reports, tax returns, schedules of income and expenses, and proof of insurance. These documents allow parties to monitor the debtor's progress toward reorganization.
Preventing Delay. Taking action to prevent undue delay by, for example, filing a motion to dismiss the case, to convert the case to a Chapter 7 liquidation, or to appoint a Chapter 11 trustee.
Professional Employment. Reviewing and, if appropriate, objecting to applications filed by professionals seeking employment in the case, payment of compensation, and/or reimbursement of expenses. Professionals who serve in the case--and receive payment from the bankruptcy estate--might include attorneys, accountants, auctioneers, investment advisors, "turnaround specialists," and real estate brokers. The U.S. Trustee might object to employment of a law firm on the ground that the firm has a conflict of interest arising from its work for other clients. The U.S. Trustee might also challenge the reasonableness of professional fees billed in a case, such as charges for drafting a failed reorganization plan after financial information clearly showed that the plan would not be feasible.
Fraud. Investigating criminal, fraudulent, or abusive conduct for possible civil or criminal prosecution. The U.S. Trustee pursues civil (non-criminal) penalties, and refers cases of apparent criminal fraud to the U.S. Attorney for investigation and criminal prosecution.
https://www.justice.gov/ust/bankruptcy-fact-sheets/us-truste...
Peer comment(s):

agree Gabriela Alvarez
3 mins
Thank you Gaby :-)
agree JohnMcDove
7 mins
Gracias Johnito, buen finde :-)
agree AllegroTrans : principal trustee would sound better
8 hrs
Thank you and yes!
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4 KudoZ points awarded for this answer.

Reference comments

1 hr
Reference:

Explanation from the Chilean legislator

http://www.bcn.cl/leyfacil/recurso/empresas-y-personas-deudo...

The functions of the "veedor" under Chile's revised bankruptcy law are explained in simple terms here: http://www.bcn.cl/leyfacil/recurso/empresas-y-personas-deudo... (website of the Chilean National Congress).

Qué son los veedores y liquidadores?

Veedor: es un experto con habilidades de negociación, encargado de facilitar los acuerdos de reorganización.

¿Cuáles son las funciones del veedor?
El veedor es el encargado de velar por el buen resultado del proceso de renegociación. Debe conocer los libros, documentos y operaciones del deudor; debe publicar en el Boletín Concursal los antecedentes, las resoluciones y notificaciones que ordene para la reorganización. También debe hacer la venta de los activos cuando corresponda, calificar los poderes que autorizan a participar en la junta de acreedores y dar cuenta al superintendente y al tribunal de cualquier acto o conducta del deudor que implique una administración negligente o dolosa de sus negocios (eventualmente un delito), entre otras funciones.

It's not my specialization, but it looks more like an "expediter" than a "trustee".
Note from asker:
Thanks for your comments, I will wait some more until I get a clear term as used in the US bankruptcy cases.
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