Bankruptcy administrator

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The obsequious fellow who comes in when all your employees are wandering around the plaza outside the office clutching Iron Mountain box full of gonks, tombstones, photos of pets, and out-of-date copies of that FT book about derivatives.

His, or her, job is to sort out all your contracts, close out the derivatives (cherry-picking your valuable in-the-money trades where possible of course!), liquidate all your assets and distribute the proceeds the line of creditors presently queuing around the block.

It sounds easy but there is a lot of devil in the detail.

Likes

• Cherries
• Aleatory contracts
• Belgian netting lawyers

Does not like

• Derivatives (in MENA jurisdictions)

See also

• Insolvency
• Voidable preference
• Cherry-picker