The government’s bankruptcy watchdog wants an outside trustee to take over day-to-day operations of IPS Worldwide LLC, saying management’s inability to explain the whereabouts of tens of millions of dollars of customers’ money smacks of incompetence or worse, WSJ Pro Bankruptcy reported. U.S. Trustee Daniel McDermott on Thursday asked the U.S. Bankruptcy Court in Orlando, Fla., to appoint a chapter 11 trustee to oversee the freight-payments provider, whose case has drawn attention to the criminal past of its former chief financial officer. McDermott earlier successfully argued that an examiner be named to conduct an investigation into the company’s January bankruptcy filing. The initial report by examiner Maria Yip said that although IPS is a viable business, the company’s leadership lacked “sufficient knowledge to lead day-to-day operations effectively.” William Davies founded IPS in 1998 and is the company’s majority owner while, until recently, serving as its president. According to the U.S. trustee’s court filing on Thursday, Davies, at a meeting of creditors, said he resigned from the company on March 7. Davies said that he doesn’t know why some customers’ bank accounts were commingled and others segregated, or what caused shortfalls of tens of millions of dollars.