Administration of Insolvent Estates Act (Cap. 9:07)

LAWS OF DOMINICA ADMINISTRAnON OF INSOLVENT ESTATES ACT CHAPTER 9:07 Act L.I.7ofl887 Current Authorised Page. Pages Authorised (inclusive) by L.R.O. 1-3 111991 2 Chap. 9:07 Administration ofInsolventEstates Note on Subsidiary Legislation This Chapter contains no Subsidiary Legislation. Administration ofInsolvent Estates CHAPTER 9:07 Chap. 9:07 3 ADMINISTRATION OF INSOLVENT ESTATES ACT AN ACT respecting the administration of insolventestates. [31stDecember 1887] 1. This Actmay be citedas the ADMINISTRATION OF INSOLVENT ESTATES ACT. 1961 Ed. [t·r. ofl887 Commencemem. ShorttiUe. 2. In the administration of theestateof everyperson whodieson Specialtyand or after the Ist July 1888, no debt or liability of suchpersonshallbe ~'::;ile~~ entitledto anypriority orpreference by reason merely thatthesameis pers~~s to stand secured by or arisesunderabond,deedorotherinstrument underseal, in equaldegree. oris otherwise madeorconstituted a specialty debt; butallthecreditors of suchperson, as wellspecialty assimple contract, shallbe treatedas standing in equaldegree, andbe paid accordingly outof the assets of suchdeceased person, whether suchassets are legalor equitable, any statute or otherlaw to thecontrary notwithstanding; but this Act shall not prejudice or affect any lien, charge or other security which any creditormay hold or be entitledto for the payment of his debt. 3. In the administration by the Courtof the assets of anyperson Thelawof who dies after the commencement of this Act and whose estatemay ==:'to prove to be insufficient for the payment in full of his debts and applyinadmini liabilities, the same rules shall prevail and be observed as to the stralionof respective rights ofsecured andunsecured creditors, andastodebtsand =::"ate. liabilities provable, andas to thevaluation of annuities andfuture and contingent liabilities respectively, asmaybein force forthetimebeing under the law of bankruptcy, with respect to the estates of persons adjudged bankrupt; and all persons who,in any such case, wouldbe entitledtoproveforandreceive dividends outof theestateof anysuch deceased person may come in under the decree or order for the administration of suchestate, andmake suchclaims against the same as they may respectively be entitledto by virtueof this Act.