Article 34 – PAYMENT OF DEBTS OF DECEASED PERSONS
By: Ashelle Edwards Attorney-at-Law Martin Anthony George & Co. This lesson provides information on: Ascertaining the Assets and Liabilities Solvency or Insolvency of the Estate Insolvent Estates Agreement between the LPR and Creditors Administration under Direction of the Court Administration Under the Bankruptcy and Insolvency Act Ch 9:70 Order of Payment of Debts Funeral, Testamentary and Administration Expenses Secured Creditor/Secured Debt Preferred Debt Ordinary Debt Deferred Debt Solvent Estates- Intestacy Solvent Estates- Testate A. Introduction After a Legal Personal Representative (hereinafter referred to as “LPR”) of a deceased’s estate has obtained a Grant of Representation, that being either a Grant of Probate to an Executor, a Grant of Letters of Administration with Will Annexed or a Grant of Letters...
Continue reading