At the first meeting of creditors in an insolvent estate, those who have proven their claims against the estate are eligible to elect one or two trustees. The candidate who receives a majority in both number and value of votes from the eligible creditors will be elected as the trustee.
However, if no candidate receives a majority of votes, the person who receives a majority of votes in either number or value will be deemed elected as the sole trustee. In the case where one candidate receives a majority of votes in value and another in number, both candidates will be elected as trustees.
If either candidate declines the joint trusteeship, the other will be deemed elected as the sole trustee. For the purposes of this section, "majority of votes in number" means a greater number of votes, not considering the value of the claims, while "majority of votes in value" refers to votes representing claims of a greater total value.
If no trustee is elected at the meeting and the estate is not vested in a provisional trustee, the Master may appoint a trustee in accordance with the Minister's policy. If the Master does not make an appointment, the insolvent with the Master's consent may petition the court to set aside the sequestration at the cost of the estate, and the court may make an appropriate order.
