In some instances the estate must be liquidated. This is either due to a Court ruling or when the estate is accepted by the beneficiaries under the benefit of inventory. Essence of the liquidation is a well-organised settlement of the estate where the interests of creditors are paramount. The joint beneficiaries act as the liquidators (the ‘light’ liquidation) or the court appoints a liquidator (the ‘heavy’ liquidation).
Both types of liquidation are subject to a large number of statutory obligations. They are limited if the estate is sufficiently solvent and the beneficiaries act together as the liquidator. In this respect, the beneficiaries do need to follow the rules of the liquidation procedure but if they don’t, then they run the risk that they are held personally liable for the liabilities of the estate.
For many reasons the court may be requested to appoint a liquidator: the beneficiaries cannot resolve the matter together, the estate is vacant because not all beneficiaries can be traced, a creditor fears that the satisfaction of its claim is uncertain, or the executor is not equipped for the responsibilities of the role. Due to this appointment, the estate is settled by an independent liquidator in a professional manner.
Janus Notarial Lawyers has frequently been a court-appointed liquidator since 2010. We can also assist you as the liquidator of the estate or indeed if you are having difficulties with the liquidator.
When you engage us for the settlement of an estate, you are assured of expert, decisive and commited advisers.
Thomas Janus