My firm are named as Executors of the deceased’s Will.
Complex estate with 20 tenanted properties with large mortgages, significant personal tax debt, personal loans, credit cards, overdrawn accounts etc.
We have been administering the estate, contacting asset holders / debtors / tenants etc. After now finally receiving valuations for the properties, it turns out they are in a terrible condition, with most being worth less than the mortgages, and tenants living in dangerous and uninhabitable conditions.
It now appears it will be an Insolvent Estate.
We have “intermeddled” by beginning the administration, but have not yet obtained a grant. Ideally we want to renounce our role and leave the administration to an insolvency practitioner.
Anyone able to advice on best procedure? Was considering either trying to apply for an Insolvency Administration Order ourselves, or perhaps just telling all of the creditors the estate is seemingly insolvent and inviting them to apply for an order to allow administration in bankruptcy by an insolvency practitioner?