An Insolvent Estate may arise when someone has passed away and their assets are not sufficient to satisfy all outstanding debts and liabilities.
If this is the case in an Estate you are dealing with, you need to act quickly to establish whether or not it is insolvent. If it is, you must seek legal advice before discharging any debts – a personal representative may face personal liability if they act incorrectly.
Our team of experts is able to assist in identifying all of the estate’s creditors and determine the order of priority for payment. We can also advise on what should be done if payments have already been made to beneficiaries.