Sequestration of Estates
Service Description
Orderly and equitable distribution of a debtor’s assets where they are insufficient to meet the claims of all his creditors through the appointment of trustees.
How do I obtain this service?
As soon as a debtor’s estate has been sequestrated by an order of the court which is granted either voluntarily by the debtor or compulsorily by the debtor’s creditor/s the order is then transmitted to the Master who will, if it seems necessary or expedient to the Master, appoint a curator bonis to take and have custody of the estate under sequestration until the appointment of a trustee. A first creditors meeting will then be convened by the Master for the purposes of electing a trustee and for creditors to bring their proof of claims.
How do I apply for the service?
Once a curator bonis, or trustee has been appointed they take over the administration of the estate and all enquiries must be forwarded to them. Any other issues must be brought to the two statutory meetings of creditors for discussion and resolution.
Cost involved in obtaining the service.
Costs for the sequestration of the debtor’s estate are part of the costs of sequestration and must be included in the liquidation and distribution account as the Master’s fee. Trustee’s fees will be approved by the creditors at the creditors meetings.
