EXECUTORSHIP, TRUSTEESHIP AND BANKRUPCY LAW

Goal: To give specific attention to students to enable them understand the concept, principles and legal requirements relating to Executorship, Trusteeship and Bankruptcy.

GENERAL OBJECTIVES:

On completion of this course the student should be able to:

1.0 Understand Bankruptcy Law.

2.0 Know the provisions relating to acts of Bankruptcy.

3.0 Understand Bankruptcy proceedings and discharge.

4.0 Know properties available for distribution.

5.0 Understand Trusteeship in Bankruptcy.

6.0 Know how the distributions of properties are carried out.

7.0 Understand Executorship law.

8.0 Understand the methods of devaluation of property.

9.0 Know classification of trusts.

10.0 Understand Trusteeship law.

1.1 Define Bankruptcy.

1.2 Distinguish between Insolvency and Bankruptcy.

1.3 Outline causes of Bankruptcy.

Explain clearly the difference between Insolvency and Bankruptcy.

2.1 Outline the acts of Bankruptcy.

2.2 Explain classes of debtors who may be declared Bankrupt.

2.3 Explain the term “deferred’ debtor”.

Show classes of debtors who may be declared bankrupt and deal with the causes of acts of bankruptcy.

3.1 Outline bankruptcy procedures from petition to the receiving order.

3.2 Differentiate between deeds of arrangement and scheme of arrangement.

3.3 Explain alternatives to bankruptcy proceedings - its advantages and disadvantages.

3.4 Describe proceedings after receiving order to the discharge of the bankrupt.

Explain procedures petition.Provide Examples.

4.1 Identify properties available for distribution.

4.2 Identify properties not available for distribution.

4.3 Describe the concepts of “Onerous properties”.

Give adequate illustrations on property distributions.

5.1 Describe the relationship between the official receiver and the trustee.

5.2 Outline the powers the trustee can exercise independently and those duly conferred on him by the creditors.

5.3 Explain the duties of the trustee in Bankruptcy.

5.4 Recapitulate on work done so far.

Describe the functions of the official receiver and the trustee.

6.1 Explain the different classes of creditors.

6.2 Explain the process of lodge proving.

6.3 Outline the order of payment of debt.

Test the students on the principles and concepts so far covered.

7.1 Define the following terms:

Executor, Will -Testate, Intestate, Executrix and Beneficiaries.

7.2 State the Elements of a valid Will.

7.3 Outline the different types of Wills.

7.4 Describe the procedure for grant of probate.

Explain the problems of intestate.

Explain the consequences of a valid Will.

8.1 Outline the rights and duties of Executors.

8.2 Explain the Executor and the Administrator.

8.3 Describe family provision

Explain methods of property devaluation.

9.1 Define different classes of trusts.

9.2 Explain the term “creation of trusts”.

9.3 Describe the concepts of charitable trusts.

9.4 Explain who may be trustees or beneficiaries.

Illustrate the process or creation of trusts.

10.1 Describe the process of appointment and confirmation of trustees.

10.2 Explain the role of Board of Trustee and Committee of Inspection

10.3 Describe trustees liabilities for breach of trusts.

10.4 Describe the rights, privileges and remuneration of trustees.

Illustrate graphically, use a format or appointment letter and explain clearly the term, committee of inspection.