42‑175 Identifying assets for vesting42‑175 Identifying assets for vesting

42‑175 Identifying assets for vesting

A registered trustee must take appropriate steps to identify the assets of the estate of a regulated debtor that will vest in the trustee, including the following: (a) obtaining and reviewing the statement of affairs of the regulated debtor; (b) considering the size of the deficiency in the estate for the purpose of finding possible assets or determining whether an issue needs to be investigated; (c) considering the activities and circumstances of the regulated debtor to decide whether assets disclosed by the regulated debtor (or legal personal representative in the case of a deceased debtor) are consistent with what would be expected of a regulated debtor having a similar background or undertaking a similar activity; (d) if the regulated debtor is or was involved in significant corporate or trust activity—making inquiries of third parties (for example, solicitors, accountants, creditors, associated entities and financial institutions) to establish whether there is any divisible property or antecedent transactions.