Unfortunately, there are times when an estate has many assets, but they are still insufficient to cover the deceased’s debts.
In such a scenario, it may be appropriate to consider filing for bankruptcy.
The collocation order undersection 136 of the Bankruptcy and Insolvency Act provides that funeral expenses and expenses incurred by the executor of the estate have priority, including notary fees. The petition to make the estate bankrupt can be prepared and presented by the notary to the heirs.
Dossier de faillite lors d’une succession, les avantages
For the notary
The realization of assets in a bankruptcy context is quick and efficient.
They will receive a dividend.
For the executor of the estate
He assures that the assets will be realized and incurs no personal liability.