The free residue account and distribution account for insolvent estates
ID:CVTLA
Video Overview
An individual is technically insolvent from an accounting perspective when his or her liabilities exceed his or her assets. This does not however mean that that person is insolvent from a legal perspective. In order to be legally insolvent, the person must be officially declared insolvent. A person can be officially declared insolvent in two ways. One, the individual can voluntarily declare himself or herself insolvent which is done through the High Court. This is known as voluntary surrender. Two, the individual’s creditors can apply to Master of the High Court to have the person declared insolvent. This is known as compulsory sequestration. Regardless of whether it is voluntary surrender or compulsory sequestration, the trustee of the insolvent estate is responsible for drawing up the free residue account and the distribution account.
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