The Superintendent of Bankruptcy intervened in the taxation of a Licensed Insolvency Trustee's fees, seeking a reduction due to a six-year delay in submitting the final Statement of Receipts and Disbursements for a bankrupt estate.
The Trustee argued the administration was proper and creditors did not object, attributing delays to focusing on older estates and an agreement with the Superintendent.
The court found the delay inexcusable, emphasizing the Trustee's duty to act timely.
It reduced the Trustee's fees by $750 to incentivize efficient administration and uphold the integrity of the insolvency system, noting the reduction was not a penalty but a reflection of the dilatory conduct.
