Vesting of the estate
On the date of sequestration, the estate of the client ‘vests’ in the trustee. This means that the estate is legally transferred to the trustee whose duty it is to manage and realise that estate for the benefit of the creditors.
1Part 5 B(S)A 2016 This includes moveable and non-moveable assets – ie, money in the bank and property.
The client has a legal duty to inform the trustee of all assets and sign the Statement of Truth (see
Appendix 3).