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 ↗
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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Preferential Claims in Bankruptcy Act, 1995
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