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srilawsby aturio
As enacted
EnglishSinhala සිංහල, official PDF on documents.gov.lkTamil தமிழ், official PDF on documents.gov.lk
Contents

Part V · Winding Up of Licensed Bank

84. Sale of assets in winding up

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

All assets of a licensed bank subject to winding up, other than assets securing approved claims of secured creditors against such licensed bank, and all assets securing claims of such licensed bank shall be sold by the liquidator in a commercially reasonable manner.

(2)

The assets including collaterals, shall be deemed to have been sold in a commercially reasonable manner as referred to in subsection (1), when such assets are disposed of as follows: -

(a)

when securities, foreign currencies and other assets that can be readily sold are sold at market price in the markets where they are traded; and

(b)

when such assets are sold at public auction:

Provided however, if the liquidator determines that a reasonable price cannot be obtained for the assets in a public auction, the liquidator shall seek the approval of the court to sell the assets privately.

(3)

The assets of a licensed bank subject to winding up other than the assets referred to in paragraph (a) of subsection (2), shall be placed at the disposal of the liquidator, promptly upon a request of the liquidator.

(4)

Any dispute between the liquidator and a secured creditor as to the value of an asset securing a claim shall be resolved by the Central Bank, unless the asset is sold at market value as may be determined by an independent professional valuer possessing such qualifications and experience referred to in subsection (1) of section 16, or at public auction, as the case may be, in which event the sale price at market value or at public auction shall be conclusive as to the value of the asset.

Read on from s 85

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