In the US that sounds roughly consistent with part of the probate process, which is the way that estates are closed out.

More or less you publish a letter in a journal of record saying legal boilerplate to the effect of 'so and so has died, if they owed you money now is the time to bring it up'. Any claims on the estate not brought up timely will more or less be extinguished, the estate is eventually closed, and life goes on.