46CAdministration of assets

46C Administration of assets

46C Administration of assets

(1) Where the estate of a deceased person is insolvent the deceased person’s real and personal estate shall, subject to the provisions of the Bankruptcy Act 1966 of the Parliament of the Commonwealth, be administered in accordance with the rules set out in Part 1 of the Third Schedule.

(2) Where the estate of a deceased person is solvent the deceased person’s real and personal estate shall, subject to the provisions of any Act as to charges on property of the deceased and to the provisions, if any, contained in the deceased person’s will, be applicable towards the discharge of the funeral, testamentary, and administrative expenses, debts, and liabilities, payable thereout in the order mentioned in Part 2 of the Third Schedule.

(3) In this section—

deceased person means a person dying after the commencement of the Conveyancing (Amendment) Act 1930.

solvent means sufficient and insolvent means insufficient for the payment in full of the debts and liabilities of the deceased.

s 46C: Ins 1930 No 44, sec 43 (b). Am 1977 No 122, Sch 4 (4); 1994 No 32, Sch 3.