Insolvency is when the financial position of a person reaches the unfortunate state that his liabilities exceed his assets. The Court may at the instance of the debtor himself or of his creditors grant an Order sequestrating such debtor's estate. The effect of such an Order is that all the Insolvent's property is placed under the control of a Trustee appointed by the Master of the Court. The Trustee's job is to take control of the Insolvent's assets, sell these and distribute them amongst creditors in their statutory Order of preference. Preference is given to those creditors who hold securities over the debtor's assets. Trustees have wide powers including the power to investigate previous dealings by the Insolvent, any transactions in terms of which the Insolvent may have sold assets for less than their fair value and to arrange for the interrogation of the Insolvent.

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