55All debts to stand in equal degree

55 All debts to stand in equal degree (1) In the administration of the estate of a deceased person, all the creditors of every description of that person must, despite anything to the contrary contained in any law, be treated as standing in equal degree and be paid accordingly out of the assets of the deceased (2) In the administration of the estate of a deceased person in relation to which representation is granted under this Act, no debt or liability of that person is entitled to any priority or preference only because it is due to an executor or administrator of the estate. (3) This Act does not prejudice or affect any mortgage, lien charge, or other security that any creditor may hold or be entitled to for payment of a debt. (4) Nothing in this Act affects the provisions of any law protecting life assurance or other policies against creditors.