Assets, Administration Of in Europe
Definition of Assets, Administration Of
The order in which the assets of the deceased are applied in payment of debts, where the estate is solvent, is, after 1925 (subject to directions in the will)
(1) Property undisposed of by will
(2) Property not specifically devised or bequeathed, but included in a residuary gift
(3) Property specifically appropriated or devised or bequeathed for the payment of debts
(4) Property charged with the payment of debts
(5) The fund retained to meet pecuniary legacies
(6) Property specifically devised or bequeathed
(7) Property appointed by will under a general power. (Administration of Estates Act, 1925, s. 34, Sched. I, Part TI.)
Where the assets are insufficient for the payment of debts, i. e., where the estate is insolvent, the debts are payable out of the proceeds of the assets in the following order, after 1925 (i. e., subject to bankruptcy rules)
(1) Funeral, testamentary and administration expenses
(2) Debts preferred by special statutes, e.g., Friendly Societies Acts
(3)
(a) Rates and taxes
(b) Wages of a clerk or servant up to 50
(c) Wages of a workman up to 25
(d) The amount of any workman’s compensation
(e) National Health or Unemployment Insurance contributions
(4) All other debts pari passu, except :
(5) Debts deferred by particular statutes, e.g., Partnership Act, 1890. (Administration of Estates Act, 1925, s. 34, Sched. I, Part 1.) Assets by descent
Land which descended to an heir charged with the debts of his ancestor. The heir was liable for specialty debts in which he was bound, to the extent of the assets descending
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Definition of Assets, Administration Of is, temporally, from A Concise Law Dictionary (1927). This page needs to be proofread.
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