SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Administer and wind up insolvent estates 
SAQA US ID UNIT STANDARD TITLE
12982  Administer and wind up insolvent estates 
ORIGINATOR
SGB HET Accountancy and Financial Management 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
FASSET - Financial and Accounting Services SETA 
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 5  Level TBA: Pre-2009 was L5 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
People credited with this unit standard are generally found within the general accounting field. On successful completion of the unit standard, people will be able to interpret and apply the laws and procedures relating to the winding up of an insolvent estate and the liquidation of a company within the context of financial management. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Unit standards in administration at NQF level 4. 

UNIT STANDARD RANGE 
Individuals and companies. 

Specific Outcomes and Assessment Criteria: 

SPECIFIC OUTCOME 1 
Demonstrate knowledge of the laws and procedures relating to administration of insolvent estates. 
OUTCOME NOTES 
Demonstrate knowledge of the laws and procedures relating to the administration of insolvent estates and liquidations of companies. 
OUTCOME RANGE 
The Insolvency Act, The Companies Act, Important decisions of the courts, the practice of the High court and the Registrar of Companies 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Aspects of legislation dealing with the winding up of companies is described to clients in a meaningful manner. 

ASSESSMENT CRITERION 2 
2. Knowledge of the procedures for liquidation of companies is demonstrated in line with legal and regulatory requirements. 

ASSESSMENT CRITERION 3 
3. The rights and duties of trustees, liquidators and judicial managers are explained in accordance with relevant legislation. 

SPECIFIC OUTCOME 2 
Administer and wind up insolvent estates. 
OUTCOME RANGE 
Individuals and companies 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. The laws and procedures relating to the winding up of an insolvent estate are interpreted and applied in relation to Generally Accepted Accounting Practice (GAAP). 

ASSESSMENT CRITERION 2 
2. The laws and procedures relating to the liquidation of companies are interpreted and applied in relation to Generally Accepted Accounting Practice (GAAP). 

ASSESSMENT CRITERION 3 
3. The sequestration process is described to clients in a manner that ensures understanding. 

ASSESSMENT CRITERION 4 
4. Clients are dealt with in a professional manner and with due consideration to the nature of their circumstances. 

SPECIFIC OUTCOME 3 
Prepare trustee and liquidator accounts. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Estate and liquidation related accounts are prepared and submitted in accordance with relevant legislation and GAAP. 

ASSESSMENT CRITERION 2 
2. Trustee's accounts related to the winding up of insolvent estates are prepared and submitted in accordance with legislation and GAAP. 

ASSESSMENT CRITERION 3 
3. Accounts related to liquidation of companies are prepared and submitted in accordance with relevant legislation and GAAP. 
ASSESSMENT CRITERION RANGE 
Liquidation account, Distribution account, Contribution account, Trading account
 

ASSESSMENT CRITERION 4 
4. Standard procedures for framing accounts are adhered to in relation to account composition and GAAP. 

ASSESSMENT CRITERION 5 
5. Separate accounts for each estate are prepared and submitted for partnership estates as per liquidation related legislation and GAAP. 


UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
Accreditation for this unit standard shall be obtained from the relevant Education and Training Quality Assurance Body, through summative assessment by a registered assessor.

Moderation activity comments by SGB's, organisations and individuals may be forwarded to NSB03. 

UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
A demonstrated understanding of:
  • Administration and winding up of insolvent estates for individuals and companies
  • Preparation of trustee and liquidator accounts
  • Liquidation of estates, including partnership estates

    Legal Requirements:
  • Insolvency Act
  • Companies Act
  • Important decisions of the courts
  • Practice of the High court and Registrar of Companies

    Terminology:
  • GAAP - Generally Accepted Accounting Practice 

  • UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Identify and solve problems in which responses display that responsible decisions using critical and creative thinking have been made. 

    UNIT STANDARD CCFO ORGANISING 
    Organise and manage oneself and one's activities responsibly and effectively. 

    UNIT STANDARD CCFO COLLECTING 
    Collect, organise and critically evaluate information. 

    UNIT STANDARD CCFO COMMUNICATING 
    Communicate effectively using visual, mathematical and language skills in the modes of oral and written presentations. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Demonstrate an understanding of the world as a set of related systems. 

    UNIT STANDARD CCFO CONTRIBUTING 
    Be culturally and aesthetically sensitive across a range of social contexts. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  49598   National Diploma: Paralegal Practice  Level 5  NQF Level 05  Reregistered  2023-06-30  SAS SETA 
    Elective  36213   National Diploma: Technical Financial Accounting  Level 5  NQF Level 05  Reregistered  2023-06-30  FASSET 
    Elective  62829   National Certificate: Law Enforcement: Sheriffing  Level 6  Level TBA: Pre-2009 was L6  Reregistered  2023-06-30  SAS SETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.