Civil Liability Act 1961

Application of moneys payable under certain policies of insurance.

62

62.Where a person (hereinafter referred to as the insured) who has effected a policy of insurance in respect of liability for a wrong, if an individual, becomes a bankrupt or dies or, if a corporate body, is wound up or, if a partnership or other unincorporated association, is dissolved, moneys payable to the insured under the policy shall be applicable only to discharging in full all valid claims against the insured in respect of which those moneys are payable, and no part of those moneys shall be assets of the insured or applicable to the payment of the debts (other than those claims) of the insured in the bankruptcy or in the administration of the estate of the insured or in the winding-up or dissolution, and no such claim shall be provable in the bankruptcy, administration, winding-up or dissolution.

Annotations:

Modifications (not altering text):

C30

Application of section not affected (1.01.1989) by Bankruptcy Act 1988 (27/1988), s. 76 and sch. 1, para. 18, S.I. No. 348 of 1988.

Proof of debts.

( cf. 1857, s. 246 in pt.)

76.The provisions of the First Schedule shall apply in relation to the proof of debts.

FIRST SCHEDULE

Proof of Debts

...

18. This Schedule is without prejudice to section 61 of the Civil Liability Act, 1961 (which provides for proof of claims for damages or contribution in respect of a wrong) and section 62 of the said Act (which provides for the application of moneys payable under certain policies of insurance where the insured becomes a bankrupt).

...