Insolvent Estate Administration

Insolvent estate administration involves managing a deceased person's estate when their debts exceed their assets. The process includes gathering and valuing all assets, notifying creditors, and paying as much debt as possible proportionally. The goal is to settle debts fairly based on available resources, potentially resulting in some debts remaining unpaid. The executor or administrator handles this process, following legal procedures to ensure an orderly and transparent distribution of what can be salvaged, ultimately closing the estate in accordance with the law.