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Fiduciary Related Questions

What is the meaning of fiduciary?

Fiduciary duty means “holding in trust”. Fiduciary is a legal relationship of trust or confidence that is between two or many other people. Normally a fiduciary prudently takes care of the money situations for another person. When dealing with a fiduciary relationship on person will be in charge of liability, understanding the details of confidence, trust in another person, advice or protection in some way.

Is an attorney that is acting as a counsel considered a fiduciary?

People who are considered to be with a counsel status are considered legal professionals who are not full time employees or even partners of that company that often times have them listed as a counsel of their firm. Many legal systems are included as partners, associates and staff. Partners and associates are normally full time employees to a firm, but the counsel works as a statement that this person is not all the time available for others needs. Counsels are unclear to its actual meaning, in the field where it is an approved status.

In the state of Michigan if someone works for a company as a board of directors who has filed Chapter 11 bankruptcy and employees are not allowed to be paid until after the court makes their ruling, are these employees expected to work without pay and if the employee quits without breaking their fiduciary agreement will they be exempt from receiving unemployment benefits?

In this case, employee are not to be expected to work without being paid, this would be considered involuntary servitude under the United States Constitution of the 13th Amendment, which is outside of the rights of any United States Court to order employees to work without pay, unless the employees work in the public emergency and health field. As for if they quit to look for other employment and still being able to receive unemployment benefits, the individual can inform the employment office, that they are members of the ‘board of directors. Directors are not considered employees only officers are to be considered as employees in the corporation. If they are a corporation employee or office, then the individual can leave their job and then continue as a director, so that way they are not violating their fiduciary.

What rights does an individual have if they are a member of a limited liability company who have lost all of their investments because a managing partner has filed bankruptcy chapter 7 and then listed themselves as a debtor and the Limited Liability Company as a “joint debtor”?

In this case the member of the limited liability company will have the right to sue the debtor in bankruptcy and then could try to show that they have committed “fraud or defalcation while acting in a fiduciary capacity, embezzlement or larceny.” According to the Bankruptcy Code 523 (a) (4). Now if this individual is successful then the court will give a ruling that the debt to the limited liability company is non dischargeable, and they can continue to go after the debtor personally after the bankruptcy case has been closed. What this means is the that debtor will have to continue to owe this company money for the rest of their lives in order to pay back the damages that were caused by them.

In the state of Connecticut how would someone file a complaint against the Chapter 7 Trustee for fraud, misrepresentation and conflict of interest?

In this case the individual would need to send their complaint with all their information to the United States Trustee, who would then decide as to whether or not to continue with legal action against that certain Bankruptcy trustee. This certain claim is very unusual. The case law would only be available if the Bankruptcy trustee was found guilty of the above listed, and if the trustee requested the decision, which is even more uncommon. When facing fraud or misrepresentation is to be considered a breach of a trustee’s fiduciary duty and this can lead to discharge. Normally, trustees don’t engage in fraud or misrepresentation.

Fiduciary is considered as a serious issue, and many individuals do not take fiduciary duty lightly. If you feel as if someone has violated their fiduciary duty and are not sure what to do in the state in which you reside in, they can contact the Experts online.

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3317
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
characters left:
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Bankruptcy Lawyers are online & ready to help you now

FiveStarLaw
Attorney
Satisfied Customers: 3203
Bankruptcy Lawyer. Experienced.
Terry L.
Attorney
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Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Phillips Esq.
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Recent Fiduciary Questions

  • 38K in medical bills. One spouse on unemployment and the other

    38K in medical bills. One spouse on unemployment and the other on social security disability. Medical bills are for the spouse on disability. No other assets or income. In this scenario does it make any sense to file Chap 7 to address the 38K or does it make sense to just sit tight.
  • Can Texas unemployment compensation or social security disability

    Can Texas unemployment compensation or social security disability payments be garnished or otherwise taken to satisfy a judgment for medical bills.
  • ToCustomer I could not find 8018() I wanted to know

    To Socrateaser
    I could not find 8018(b)
    I wanted to know if I needed to cite the REASONS I am asking the bap for permission to file an amended designation of the record under 8018(b) or can I just list the rule?
    Also - for the appeal to D.C. & designation of record would be late if I file tomorrow however the Appeal first went to bap and I recently received notice from D.C. the appeal was now on the docket. Could not be located before.
    This would not be an amendment to D.C. but would I need permission to file late?
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