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DESASTRE (PROCEDURE ((12) Priority: ((b) Claims secured by right of set…
DESASTRE
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PROCEDURE
(5) Sheriff notifies other creditors to ensure all claims dealt with. Desastre proceedings start if insufficient assets to cover debts. otherwise proceeds distributed btw creditors in accordance to preference
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(6) If insufficient assets, to pay all creditors Sheriff informs ct
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(7) Ct order creditor, debtor & all other creditors to appear before Coms. to est claims and preference
(11) At meeting each creditor submits claim. If secured, security must be valued and the valuation agreed by the Coms. May be adjourned if values are disputed
(12) Priority:
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(a) Damages for failure to reassign under Law of Property (Misc Provisions) Law 1979 where assets held subject to right of reassignment - can be removed from the pool
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(14) Any C failing to claim, can do later if further assets are arrested and second dividend declared