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This is related to my other thread concerning an insolvent estate, but is a simple question that I would like considered in isolation, question is,
”If no family members are prepared to administer an estate, and a creditor applies to the Court to administer, is their claim considered in isolation, or are all creditors considered?”
to clarify, if the estate is insolvent and assets would only cover 5p in the pound of what is owed to all creditors, but only one creditor took action, would the only funds available to pay that creditor be the 5p in the pound of that creditors share of the overall liabilties of the estate?
If an individual was administering the estate they would be required to pay all creditors pro rata, so would a corporation seeking redress be in the same position?
”If no family members are prepared to administer an estate, and a creditor applies to the Court to administer, is their claim considered in isolation, or are all creditors considered?”
to clarify, if the estate is insolvent and assets would only cover 5p in the pound of what is owed to all creditors, but only one creditor took action, would the only funds available to pay that creditor be the 5p in the pound of that creditors share of the overall liabilties of the estate?
If an individual was administering the estate they would be required to pay all creditors pro rata, so would a corporation seeking redress be in the same position?
