Preferential Claims in Bankruptcy Act, 1995

The debts must be discharged immediately if the debtor’s property is sufficient, after keeping enough money for administration costs or similar expenses.

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Jurisdiction: Zambia
Instrument: Act or statute
Citation: Act 9 of 1995
Version: 31 Dec 1996
Language: en
Official source: View official record ↗

debt priority debt repayment deceased estates insolvency landlord distraint priority claims

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The debts must be discharged immediately if the debtor’s property is sufficient, after keeping enough money for administration costs or similar expenses. If a landlord or other person distrains a bankrupt’s goods within three months before the receiving order, priority debts become a first charge on those goods or their sale proceeds. If money is paid under that charge, the landlord or other person gets the same priority rights as the payee. This section applies to an insolvent deceased person as if they were bankrupt, and treats the date of death as the receiving-order date. This section repeals the Preferential Claims in Bankruptcy Act.

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Provisions of Preferential Claims in Bankruptcy Act, 1995

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3
Subject to the retention of such sums as may be necessary for
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AI-assisted research summary: The debts must be discharged immediately if the debtor’s property is sufficient, after keeping enough money for administration costs or similar expenses.

3. Subject to the retention of such sums as may be necessary for the cost of administration or otherwise, the foregoing debts shall be discharged forthwith so faras the property oflhedebtoris sufficient to meet them. Discharge of debts
4
Section 4
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AI-assisted research summary: If a landlord or other person distrains a bankrupt’s goods within three months before the receiving order, priority debts become a first charge on those goods or their sale proceeds. If money is paid under that charge, the landlord or other person gets the same priority rights as the payee.

4. In the even of a landlord of otherperson distrainingorhaving Distress for distrained on any goods or effects of a bankrupt within three months next before the date of the receiving order, the debts to which priority is given by this Act shall be a first charge on the goods or effects so distrained on or the proceeds of the sale thereof: J rent 92 No. 9 of 1995] Preferential C /aims in Bankruptcy Provided that, in respect of any money paid under any such charge, the landlord or other person shall have the same rights of priority as the person to whom such payment is made.
5
This Act shall apply in the case of a deceased person who
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AI-assisted research summary: This section applies to an insolvent deceased person as if they were bankrupt, and treats the date of death as the receiving-order date.

5. This Act shall apply in the case of a deceased person who dies insolvent, whether or not an order has been made in respect of his deceased estate.in terms of subsection (2) of section one hundred and eighteen of the Bankruptcy Act, as ifhe were a bankrupt and as if the date of his death were substituted for the date of the receiving order; Provided that the proper funeral and testamentary expenses incurred by the legal personal representative of the deceased person in and about that person's estate, together with the costs of the administration of the deceased person's estate, shall have priority over all other debts and shall rank equally between themselves.
6
The Preferential Claims in Bankruptcy Act is hereby re
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AI-assisted research summary: This section repeals the Preferential Claims in Bankruptcy Act.

6. The Preferential Claims in Bankruptcy Act is hereby re pealed. Application of Act to a deceased insolvent Cap. 190 Repeal of Cap. 191

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Preferential Claims in Bankruptcy Act, 1995

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Provisions of Preferential Claims in Bankruptcy Act, 1995

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