Liquidation and distribution account

Liquidation and distribution account

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A liquidation and distribution account is essentially a written report addressed to interested parties (the Master, heirs and creditors), stating the process of collecting and realising the assets, the discharge of debts, and the handing over of what is left to the heirs of the deceased estate.
In terms of section 35 of the Administration of Estates Act 66 of 1965, an executor shall submit the account (in the prescribed form) of the liquidation and distribution of the estate to the Master, as soon as possible after the last day that is specified in the advertisement in terms of section 29 of the Act(but within six months from the date that the letters of executorship were issued).

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