Preferential Claims in Bankruptcy Act, 1995 | Act 9 of 1995 — Zambia law | Esheria

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.

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

Statute overview

About this statute

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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