When an individual or business entity dies or becomes insolvent, their assets become subject to the legal process of winding up their estate. In this process, an Administrator De Bonis Non (often abbreviated ADB) is an individual appointed to receive and administer the deceased or insolvent’s assets. It is a Latin phrase that loosely translates to “administrator of [the] goods of the dead”, and is often used in conjunction with estates, trusts, and probate processes.
Have We Seen Any Recent Examples?
Recently in the UK, a high-profile example of an administrator de bonis non has been the case of what is now known as the BHS affair. After the popular British store BHS went into liquidation, the company’s assets – including its pension scheme and individual employee assets – were placed into the care of a high court appointed administrator de bonis non. This individual was tasked with ensuring that creditors and pensioners were paid the money they were owed, and that employee’s assets were distributed accordingly.
Summing Up Administrator De Bonis Non
Therefore, an Administrator De Bonis Non is an individual who takes charge of winding up the affairs of a deceased or insolvent person’s estate. They are appointed by the court and are held accountable for ensuring that creditors and other entitled beneficiaries are personally paid out rather than the estate being liquidated, so that the most accurate payments possible can be made.