As enacted

Contents

Companies Act 2007 · As enacted · Part IX · Compromises with Creditors

247. Interpretation

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

In this Part of this Act, unless the context otherwise requires—

“compromise” means a compromise between a company and its creditors, including a compromise—

(a)

cancelling all or part of any debt of the company ;

(b)

varying the rights of its creditors or the terms of a debt ;

(c)

relating to an alteration of a company’s articles that affects the likelihood of the company’s ability to pay a debt;

“creditor” includes a person who in a liquidation, would be entitled to claim in accordance with the provisions of section 357, that a debt is owing to that person by the company ; and

“proponent” means a person referred to in section 248

who proposed a compromise in accordance with the provisions of this Part of this Act.

Read on from s 248

Part X

Approval of Arrangements, Amalgamations, and Compromises by Court

Read on from Part X

Part XI

Provisions Relating to Offshore Companies

Read on from Part XI

Part XII

Winding Up

Read on from Part XII

Part XIII

Administrators Appointment of Administrator

Read on from Part XIII

Part XIV

Floating Charges

Read on from Part XIV

Part XV

Receivers and Managers

Read on from Part XV

Part XVI

Registrar-General of Companies and Registration Appointment of Officers

Read on from Part XVI

Part XVII

Application of Act to Existing Companies

Read on from Part XVII

Part XVIII

Overseas Companies

Read on from Part XVIII

Part XIX

Advisory Commission

Read on from Part XIX

Part XX

Companies Disputes Board

Read on from Part XX

Part XXI

Offences Miscellaneous Offences

Read on from Part XXI

Part XXII

Miscellaneous Prohibition of Partnership with More Than Twenty Members

Read on from Part XXII

Part XXIII

Repeals and Amendments

Read on from Part XXIII