The sole issue on appeal was whether the two year limitations period set forth in 11 U.S.C. § 546(a)(1) begins to run from the date of the trustee's actual permanent appointment at the first meeting of creditors, or from an earlier date if the creditors' meeting is held later than the 20 to 40-day time period dictated by Bankruptcy Rule 2003(a). Based on the facts, the statutory language, and the policies behind the Bankruptcy Code, the district court concluded that the limitations period does not begin to run until the trustee is actually appointed, despite the rule requirement that the creditors' meeting be held within 40 days of the order for relief. Therefore, the trustee's adversary actions had been timely filed, and the bankruptcy court's orders were affirmed.