Maria Tzannes, Solicitor and Barrister, Antunes Lawyers and Advocates
Ken Collins, Principal, Wills & Probate Victoria, Lawyers, (Vic)
Caite Brewer, Callinan Chambers, Barrister and Angela Cornford-Scott, Director, Cornford-Scott Lawyers (Qld)
Morgan Solomon, Director Solomon Hollett Lawyers (WA)
Katrina Nitschke, Principal, Wills Direct (SA)
Maria Dwyer and Christine Schokman, Senior Associates, Ogilvie Jennings Lawyers (Tas)
Andrew Freer, Director and Erin Bedford, Associate, KJB Law (ACT)
Insolvent estates
An insolvent estate is an estate which is unable to pay or meet its debts in full when they become due and payable and whose liabilities exceed the value of its assets.
The legal personal representative is responsible for administering an insolvent estate.
The order of priority of debts to be paid from assets is discussed.
See Insolvent estates.
Bankruptcy searches
Bankruptcy searches should be conducted on the deceased and beneficiaries before administering the estate and on the beneficiaries before distribution of the estate. There are special procedures where the deceased or beneficiaries are found to be bankrupt.
See Bankruptcy searches.
Administration of insolvent estates under the Bankruptcy Act 1966 (Cth)
An alternative to applying to the Supreme Court for a grant of probate or letters of administration and then dealing with the debts of the estate in accordance with the priority rules, is for a creditor or legal personal representative to petition the Federal Circuit Court or the Federal Court for an Order for administration of an estate under Pt XI of the Bankruptcy Act 1966 (Cth).
The procedure and requirements for administration of an estate under this part are discussed.
See Administration of insolvent estates under the Bankruptcy Act 1966 (Cth).