ADMINISTRATION CLAIM Meaning and
Definition
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An administration claim refers to a legal and financial concept that arises during the process of administering an estate or settling the affairs of a bankrupt or insolvent company. It is a claim made by an individual or entity that seeks payment or reimbursement from the estate or company for expenses incurred in the administration and winding up process.
In the context of an estate administration, an administration claim typically includes expenses such as funeral costs, probate fees, legal fees, and other costs directly related to the administration process. These claims are given priority over other types of claims during the distribution of the estate's assets. This means that administration claims must be paid first before any other claims or distributions are made.
In the case of a bankrupt or insolvent company, an administration claim generally encompasses fees and charges incurred by administrators, such as legal fees, professional fees, and costs directly related to the administration process. These claims are given priority in the order of payment, ahead of claims made by unsecured creditors.
The purpose of recognizing administration claims as a distinct category is to ensure that individuals or entities involved in overseeing the administration process are compensated for their efforts and expenses. By assigning priority to these claims, the legal system aims to facilitate the orderly and efficient closure of estates or the winding up of companies, while fairly compensating those involved in the administration process.
Common Misspellings for ADMINISTRATION CLAIM
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Etymology of ADMINISTRATION CLAIM
The term "administration claim" does not have a specific etymology, as it is a combination of two different words that have their own origins.
1. Administration: The word "administration" originates from the Latin word "administratio", which is derived from the verb "administrare" meaning "to manage, control, govern". It entered the English language in the late 14th century and referred to the act or process of managing affairs, organizing, or directing activities.
2. Claim: The word "claim" has a Middle English origin from the Old French word "clamer" or "claim" which means "to call out, cry out, proclaim, declare". It dates back to the 13th century and initially referred to making a demand for something one believes they are entitled to or putting forward a right to something.
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