Schedule 1

FIRST SCHEDULESection 57(1)Rules as to payment of debts where estate is insolvent

1. The funeral, testamentary and administration expenses shall have priority.

2. Subject to paragraph 1, the same rules shall prevail and be observed as to the respective rights of secured and unsecured creditors and as to debts and liabilities provable and as to the valuation of annuities and future and contingent liabilities respectively, and as to the priorities of debts and liabilities, as may be in force for the time being under the law of bankruptcy with respect to the assets of persons adjudged bankrupt.