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
Share this article
Read More
More Articles
Road Accident Fund (RAF) Surety Bonds
At Shackleton Risk Management, we can assist you with surety bonds for RAF matters. Surety bonds for RAF matters are provided by Safire Insurance Company Limited (“the Insurer”) and can be lodged by us with the Master on your behalf if needed. Trustees appointed to manage a trust must furnish security to the Master’s satisfaction.…
Do Builders Need Professional Indemnity Insurance in South Africa?
Professional indemnity insurance (PII) serves as a protective measure against claims of professional negligence, errors, or omissions in services rendered. It provides financial coverage for legal costs and compensation payments arising from such claims, ensuring builders are safeguarded against potential liabilities. Legal Requirements and Industry Standards: Unlike certain professions where professional indemnity insurance is mandated…
Understanding the Distinction Between Public Liability vs Professional Indemnity Insurance in South Africa
What Is Public Liability Insurance: Public liability insurance safeguards businesses and professionals against claims for injury or property damage caused to third parties while on their premises or as a result of their operations. It covers legal costs and compensation payments if a third party sues for bodily injury or property damage incurred due to…