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Act of Sederunt (Judicial Factor Rules) (Amendment No. 2) 1997
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- UK Statutory Instruments
- 1997 No. 2533 (S. 166)
- Explanatory Note
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Explanatory Note
(This note is not part of the Act of Sederunt)
Rule 15 of the Act of Sederunt (Judicial Factors Rules) 1992 enables a factor to make application to the Accountant of Court for permission to encroach on the capital of the estate where the income from the estate is insufficient for the maintenance of the ward. This Act of Sederunt amends that rule so that the Accountant of Court will be able to approve, without further procedure, such an application where the amount of encroachment does not exceed 5% of the capital value of the estate as at the date when an application under the rule is first made (rather than 5% of the “initial capital” of that estate).
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