ADVOKS GLOBAL · KENYA
Insolvency Act
239. Additional post-bankruptcy interest on contract or judgment debt if surplus remains
Edition: 2022-12-31 · In force
239. Additional post-bankruptcy interest on contract or judgment debt if surplus remains
(1)If there is a surplus after the bankruptcy trustee has paid post-bankruptcy interest as provided by section 238, the bankruptcy trustee shall pay additional interest on allowed proofs for a contract debt or judgment debt, by making up—(a)in the case of a contract debt, the difference between the prescribed rate and the rate specified in the contract; and(b)in the case of a judgment debt, the difference between the prescribed rate and the rate payable on the debt.(2)The bankruptcy trustee shall pay the additional interest from and including the date on which the bankruptcy commenced to the date on which the creditor's claim is paid.(3)If the surplus is not enough to pay the additional interest in full on the creditors' claims that are eligible for that interest, payment of the interest is to abate rateably among those claims.