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Trust: the vesting of certain funds, rights or interests in property in another person or persons (trustee(s)) to be applied or administered for the benefit of others (beneficiaries) in accordance with the terms of the trust.

Trustee: person who administers your bankruptcy or trust deed. In sequestrations your trustee can be either the Accountant in Bankruptcy or a private insolvency practitioner (normally a chartered accountant who specializes in personal bankruptcy). In trust deeds, trustees must be an insolvency practitioner.

Trust Deed: a voluntary form of insolvency and an alternative to sequestration (bankruptcy). You can transfer all or part of your estate to a trustee to realise for the benefit of your creditors.