ADVOKS GLOBAL · KENYA
Insolvency Act
376. How any surplus is to be paid
Edition: 2022-12-31 · In force
376. How any surplus is to be paid
(1)In this section, "surplus" means the surplus of assets that remains with the trustee after the trustee has paid in full—(a)the debts due by the deceased debtor;(b)the costs of the administration under this Part; and(c)any other money that would be payable in a case of bankruptcy.(2)The trustee shall—(a)if there is an executor or administrator of the deceased's property that does not form part of the deceased's estate under this Part, pay the surplus to that executor or administrator; or(b)if there is no such executor or administrator, distribute the surplus in accordance with the directions of the Court.(3)In giving any such directions, the Court shall have regard to the persons who are entitled to the surplus.(4)The Court may make an order approving the distribution of the surplus as part of the order that the estate be administered under this Part, or at any time afterwards.(5)If the Court has made such an order, it may from time to time vary it in relation to any part of the surplus that remains under the control of the trustee at the date of the variation.