815. Procedure on a petition for an insolvency administration order.

The court may make an insolvency administration order1 on a petition for an order presented by a person other than a personal representative of the deceased debtor2 if it is satisfied:

  1.  

    (1)     that the debt, or one of the debts, in respect of which the petition was presented is a debt which, having been payable at the date of the petition or having since become payable, has neither been paid nor secured or compounded for or has no reasonable prospect of being paid when it falls due3; and

  2.  

    (2)     that there is a reasonable probability that the estate will