Mineral and Petroleum Resources Royalty Act, 2008 (Act No. 28 of 2008)
R 385
Insolvency Act, 1936 (Act No. 24 of 1936)103. Non-preferent claims |
| (1) | Any balance of the free residue after making provision for the expenditure mentioned in sections ninety-six to one hundred and two inclusive, shall be applied— |
| (a) | in the payment of the unsecured or otherwise non-preferent claims proved against the estate in question in proportion to the amount of each such claim; |
| (b) | if the unsecured or otherwise non-preferent claims have been paid in full, in the payment, thereafter, of interest on such claims from the date of sequestration to the date of payment, in proportion to the amount of each such claim. |
| (2) | The interest mentioned in subsection (1) shall be calculated at the rate of eight per cent per annum, unless the amount of any claim bears a higher rate of interest by virtue of a lawful stipulation in writing, when the interest on that amount shall be calculated at the stipulated rate of interest. |
