Employees of Trustee’s not entitled to fees from of an insolvent estate

Employees of Trustees and Insolvent Estates:

No employee of a trustee is entitled to remuneration out of an insolvent estate for services rendered by him to the estate. Nor shall a partner of a trustee be entitled to any remuneration out of the estate for services he may have rendered to the estate.  Only the trustee is entitled to a reasonable remuneration for his services, which remuneration is set out in tariff B in the Second Schedule to the Insolvency Act.

Jacqui Smith (LLB)

Legal Advisor

Subscribe now
Read More

More Articles

Unethical Liquidation Practises In South Africa

It is no secret that historically and up and until now ‘some’ liquidators, banks and auction houses have resorted to unethical, fraudulent or corrupt business practices in order to generate benefits from liquidations.  One of these methods include the use of the “kickback” payment scheme which is an illegal payment intended as compensation for preferential treatment or…

Deregistration of Trusts

Trust registration Trusts must be registered with the Master in whose area of jurisdiction the greatest portion of the trust assets are situated. If more than one Master has jurisdiction over the trust assets, the Master in whose office the trust was first registered will continue to have jurisdiction. What does the Trust Property Control…

Where must deceased estates be reported?

Wherever the deceased was living in the Republic of South Africa, the estate should be reported to the Master of the High Court in that jurisdiction. In other words if the deceased was living in that area for 12 months prior to his/her death, then the Master’s office overseeing estates in that region should open an…