First Schedule, Part I Rules as to payment of debts where the estate is insolvent

AI Summary of First Schedule, Part I Rules as to payment of debts where the estate is insolvent

Version status: In force | Document consolidation status: Updated to reflect all known changes

Version date: 1 January 1967 - onwards

1. The funeral, testamentary and administration expenses have priority.

2. Subject as aforesaid, the same rules shall prevail and be observed as to the respective rights of secured and unsecured creditors and as to debts and liabilities provable and as to the valuation of annuities and future and contingent liabilities, respectively, and as to the priorities of debts and liabilities as may be in force for the time being under the law of bankruptcy with respect to the assets of persons adjudged bankrupt.

3. In the application of the said rules the date of death shall be substituted for the date of adjudication in bankruptcy.

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AI Summary of First Schedule, Part I Rules as to payment of debts where the estate is insolvent

First Schedule, Part I Rules as to payment of debts where the estate is insolvent