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53 V. ADMINISTRATION OF THE BANKRUPTCY CASE A. Estate Fiduciaries – Debtors-in-Possession and Trustees The type and status of a particular bankruptcy proceeding will determine who is in control of a debtor and its operations once it has filed for bankruptcy as well as who administers the bankruptcy case itself. As a general matter, there are two options—either an independently appointed Chapter 7 or Chapter 11 trustee or a so- called "debtor-in-possession." 21 Although many of the provisions of the Bankruptcy Code refer solely to a "trustee" when delineating who is authorized to act (or forego from acting) under a particular provision of the Bankruptcy Code (see, e.g., 11 U.S.C. §§ 363(b)(1), 364(c), 365(a)), pursuant to Section 1107(a) of the Bankruptcy Code, such references to a trustee also encompass a debtor-in-possession and should be read accordingly. For purposes of this guide, references to a "trustee" also include a debtor-in-possession. B. Debtor's Estate 1. Property of the Estate Upon commencement of a bankruptcy case, a bankruptcy estate is created. 11 U.S.C. § 541(a). This estate is a legal entity separate from the debtor and generally will receive only those interests in property that the debtor holds. Thus, when the debtor holds only legal title to property, the estate acquires only the legal interest in the property and not an equitable or beneficial interest. 11 U.S.C. § 541(d). These interests are referred to as "property of the estate." 21 See Chapters VII.B. and VI.B. below for a discussion of Chapter 7 and 11 trustees, respectively, and Chapter VI.A. for a discussion of debtors-in- possession. Further, as discussed in Chapter VI.A., in a Chapter 11 case, the debtor will act as the debtor-in-possession unless and until a trustee is appointed. 11 U.S.C. § 1101(1). Therefore, in a case filed under Chapter 11 of the Bankruptcy Code, a debtor-in-possession will have substantially the same rights and powers as a trustee unless and until a trustee is appointed. 11 U.S.C. § 1107(a).

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