Section 364 of Insolvency Act CAP 53: Application by executor or administrator, etc
(1) The executor or administrator, or a person who is applying to the Court for a grant of probate or letters of administration, may apply to the Court for an order that the estate be administered under this Part if the executor or administrator or person applying is of the view that the money in the estate (together with the proceeds of any assets in the estate that can conveniently be converted into money) will not be, or is not likely to be, sufficient to satisfy the several claims made or likely to be made on the estate.
(2) An application may—
(a) be joined with an application for a grant of probate or letters of administration in respect of the deceased's will or of the deceased's property that does not form part of the deceased's estate; or
(b) be made at any time after that grant.
(3) In addition to the application, an applicant shall lodge with the Court an account that—
(a) shows the assets, debts and liabilities of the deceased to the extent that the applicant knows what they are; and
(b) complies with subsection (4).
(4) An account complies with this subsection if it—
(a) is verified by statutory declaration; and
(b) is lodged—
(i) when the application is lodged;
(ii) within the prescribed time after the application is lodged; or (iii) within such additional period (if any) as the Court may allow.
(5) The applicant may amend the account with the approval of the Court.
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