MENU

Section 376 of Insolvency Act CAP 53: 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.

« Previous:   Section 375 - Distribution of insolvent deceased's estate          Next: »   Section 377 - Creditor's notice to executor or administrator

Disclaimer: This document is not to be taken as legal advise.

Enhance Your Research with Bookmarks and Annotations

Here's how you can use these features:

  • To bookmark this page, click the "Bookmark this Page" button below the document title.
  • To add an annotation, highlight text in the document and select "Add Annotation" from the toolbar that appears.
  • These features are great for organizing your research and keeping track of key information.
  • You can view and manage your bookmarks and annotations on your Bookmarks and Annotations page.

Cited By:

More Sections