Settlement

Sometimes the estate must be liquidated by a liquidator. This is referred to as the "liquidation." The legal regulation of the liquidation aims to provide additional protection for the creditors of the estate. There is a particular need for this if the estate is negative (debts exceed income).

The liquidation becomes applicable if one of the heirs has accepted the estate beneficently. This is the case even if an executor has been appointed and only otherwise if the executor makes what is known as an "ample declaration."

The liquidation may also become applicable by a ruling of the court on a petition to appoint a liquidator.

We regularly act as court-appointed liquidators. If you are wondering whether it would be wise in your situation to have a liquidator appointed, please contact us.