Companies Act 2007 · As enacted · Part IX · Compromises with Creditors
253. Effect of compromise in liquidation of a company
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
Where a compromise is approved under section 250, the court may on the application of—
the company ;
a receiver appointed in relation to property of the company;
an administrator; or
with the leave of the court, any creditor or shareholder of the company, make such order as the court thinks fit with respect to the extent, if any, to which the compromise will, if the company is put into liquidation, continue in effect and be binding on the liquidator of the company.
Where a compromise is approved under section 250
and the company is subsequently put into liquidation, the court may on the application of—
the liquidator;
a receiver appointed in relation to property of the company; or
with the leave of the court, any creditor or shareholder of the company, make such order as the court thinks fit with respect to the extent, if any, to which the compromise will continue in effect and be binding on the liquidator of the company.
Part X
Approval of Arrangements, Amalgamations, and Compromises by Court
Part XI
Provisions Relating to Offshore Companies
Part XII
Winding Up
Part XIII
Administrators Appointment of Administrator
Part XIV
Floating Charges
Part XV
Receivers and Managers
Part XVI
Registrar-General of Companies and Registration Appointment of Officers
Part XVII
Application of Act to Existing Companies
Part XVIII
Overseas Companies
Part XIX
Advisory Commission
Part XX
Companies Disputes Board
Part XXI
Offences Miscellaneous Offences
Part XXII
Miscellaneous Prohibition of Partnership with More Than Twenty Members
Part XXIII