Analyse the statement below and answer the questions that follow:

'The Insolvency Act provides for the sequestration of the 'estate' of the debtor. A

debtor who only has liabilities may not be regarded as having an 'estate' for

sequestration processes.'

Explain the meaning of estate;

State whether the statement is true or false in relation to what comprises of

one's 'estate' for the purposes of sequestration. Justify your answer.(10)

Q.1.2 Distinguish between the 'election' of a trustee and the 'appointment' of a trustee. (10)