ADVOKS GLOBAL · KENYA
Insolvency Act
486. Interest on debts to be paid if surplus permits
Edition: 2022-12-31 · In force
486. Interest on debts to be paid if surplus permits
(1)In a company liquidation, interest is payable in accordance with this section on any debt proved in the liquidation, including so much of any such debt as represents interest on the remainder.(2)The liquidator shall, before applying any surplus remaining after the payment of the debts proved in a liquidation for any other purpose, apply the surplus in paying interest on those debts in respect of the periods during which they have been outstanding since the liquidation commenced.(3)All interest under this section ranks equally (whether or not the debts on which it is payable rank equally).(4)The rate of interest payable under this section in respect of any debt is the rate for the time being prescribed by the insolvency regulations for the purposes of this section.(5)Interest payable under this section in respect of a debt is payable at the official rate.