34AApplication for administration of estate administered by a creditor

34A Application for administration of estate administered by a creditor (1) If a grant of administration of the property or estate of a deceased person has been granted to a creditor, a trustee company or any other person interested in the estate may apply to the Court for the removal of the creditor and the appointment of the trustee company or another person instead. (2) An application under subsection (1) must be supported by an affidavit stating why it would be beneficial to any person interested in the estate that the creditor be removed and the trustee company or another person be appointed. (3) If a grant of administration of the property or estate of a deceased person has been granted to a creditor and the creditor has any property in his or her hands for at least 12 months after payment of creditors or for at least 3 years after the grant of administration (whether creditors have been paid or not), a trustee company or any other person interested in the estate may apply to the Court for the removal of the creditor and the appointment of the trustee company or another person instead. (4) On being satisfied that a creditor should be removed under this section, the Court may order the removal of such creditor from the position of administrator and appoint the trustee company or another person named in the order administrator in place of the creditor so removed on such terms and conditions as the Court thinks fit and may make all necessary orders for vesting the estate in the new administrator and as to accounts and such order for costs as the Court thinks fit. (5) Upon the appointment of a new administrator under subsection (4), the provisions in section 34(3) and (4) apply so far as appropriate as if repeated in this section. s. 30, 4654