Administration of Insolvent Estates Act

LAWS OF ANTIGUA AND BARBUDA Administration of Insolvent Estates (CAP. 7 1 CHAPTER 7 THE ADMINISTRATION O F INSOLVENT ESTATES ACT Arrangement of Sections Section Short title. 2. Specialty and simple contract debts of deceased persons to stand in equal degree. 3. The law of bankruptcy in certain matters to apply in administration of deceased's insolvent estate. ADMINISTRATION OF INSOLVENT ESTATES (3 1st December, 1887 .) This Act may be cited as the Administration of Insolvent Estates Act. 2. In the administration of the estate of every person Speciality ho shall die on or after the first day of July, 1888, no debt liability of such person shall be entitled to any persons to stand preference by reason merely that the same is secured by arises under a bond, deed, or other instrument under seal, is otherwise made or constituted a specialty debt; but all reditors of such person, as well specialty as simple con , shall be treated as standing in equal degree, and be accordingly out of the assets of such deceased person, ether such assets are legal or equitable, any statute or er law to the contrary notwithstanding: 1. WJ or or i: .or !I" ,or {;ltthe C it~ract f;r ~f,' 1. priority 7/1887. 32/1956. Short title. and simple contract debts of deceased in equal degree. LAWS OF ANTIGUA AND BARBUDA 2 7) Administration of Insolvent Estates Provided that this Act shall not prejudice or affect any lien, charge, or other security which any creditor may hold or be entitled to for the payment of his debt. The law of bankruptcy in 3. In the administration by the Court of the assets of matters any person may die after the commencement of this apply in administration of Act, and whose estate may prove to be insufficient for the deceased's payment in full of his debts and liabilities, 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, as may be in force for the time being under the law of bankruptcy, with respect to the estates of persons adjudged bankrupt; and all persons who, in any such case, would be entitled to prove for and receive dividends out of the estate of any such deceas ed person may come in under the decree or order for the administration of such estate, and make such claims against the same as they may respectively be entitled to by virtue of this Act. CAP. certain to who insolvent estate.