SV Partners understands the loss of a loved one can be a difficult burden to carry, more so when the Estate has insufficient assets to pay any debts owing. Our aim is to deal with such matters in a professional and respectful manner, providing the best possible outcome for all parties concerned.
An Administration of a Deceased Estate (Part XI) can occur in the circumstances where an individual that is insolvent passes away, leaving unresolved debt. It could also take place where the deceased estates become insolvent due to the debts incurred by the legal personal representative of the deceased estate.
Where a creditor of the deceased estate or the administrator, executor or legal personal representative of the deceased estate wants to bankrupt a deceased estate, an Administration of a Deceased Estate (Part XI) will take place. An order for the administration of a deceased insolvent estate can only be made by the Federal Circuit Court or the Federal Court.
The process could lead to the potential realisation of assets of the deceased estate with proceeds divided equitably amongst creditors. If administered by a Trustee the process will involve investigations, reviewing of creditor claims, reporting to creditors and paying off dividends. An independent Trustee may set aside voidable transactions and potentially increase the value of the Estate.
SV Partners can act as the independent party that conducts the investigations and administers the deceased estate under Part XI of the Bankruptcy Act. As professional advisors, our role is to help address a personal insolvency situation with the advice and skills required to deal with all aspects of an Administration of a Deceased Estate. For more information, visit our FAQ section or contact us on our confidential assist line on 1800 246 801 where you can speak with a professional.