When is an Estate Bankrupt?
Bankruptcy is the legal process that is followed when someone has become insolvency. The Scottish term for bankruptcy is sequestration.
After someone passes away, their estate is insolvent when there is not enough money to pay off their debts.
If an executor is appointed and it is established the deceased estate is insolvent, then they have an obligation to take steps to sequestrate the estate.
If there is no executor appointed, then anyone entitled to act as one can take steps to place the estate into insolvency.
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