Texas Court Approves Linqto Bankruptcy Trustee Change
The bankruptcy court has appointed BW Asset Management Ltd. to serve as the new liquidating trustee for Linqto Texas LLC.
Updated on Oct. 22, 2026 in People
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A federal judge in the Southern District of Texas has approved the replacement of the current trustee for Linqto Texas LLC. BW Asset Management Ltd., a subsidiary of Kroll LLC, will now oversee the liquidation process.
Why it matters
The court also authorized a multimillion-dollar retention program designed to ensure that key leaders remain during the transition. This plan aims to secure an efficient operational handoff as the company moves through its insolvency proceedings.
The bankruptcy court authorized a bonus pool totaling more than $2 million for five top executives. These payments are contingent upon the leadership team reaching specific operational milestones.
The players
BW Asset Management Ltd.
This firm is a subsidiary of Kroll LLC and has been appointed as the new liquidating trustee for the bankruptcy case.
Linqto Texas LLC.
The company is currently undergoing liquidation proceedings in the United States Bankruptcy Court for the Southern District of Texas.
Forge Global Holdings Inc.
This firm served as the previous trustee before the court-ordered transition to the new management entity.
The details
The court ordered the removal of Forge Global Holdings Inc. as the primary trustee to make way for BW Asset Management Ltd. to manage the liquidating trust. Executives must complete the transition and operational goals by the set November deadline to qualify for their incentives.
Timeline
The court approved the trustee change and bonus program on Thursday, October 22, 2026.
Executives face a deadline of November 23, 2026, to meet operational milestones.
Market Landscape
The appointment follows standard Chapter 11 bankruptcy reorganization protocols for managing distressed asset liquidations. This shift in oversight often precedes final asset distribution as firms attempt to resolve outstanding debts.
The court-approved incentive program aims to keep management in place during the complex liquidation process. These internal administrative changes generally signal that the company is working toward a definitive end to its bankruptcy proceedings.
The takeaway
The court's approval of a retention bonus highlights the challenges of maintaining stability during insolvency proceedings. For stakeholders, this marks a transition toward a managed liquidation of the company's remaining assets.
What happens next
Executives are required to meet defined operational milestones and finalize the creation of the liquidating trust by November 23, 2026.
Further reading
Learn more about corporate leadership shifts in the People section.
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