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As enacted
Contents

Part XII · Winding Up

371. Other orders

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

If a transaction or charge is set aside under section 370, the court may make one or more of the following orders:–

(a)

an order requiring a person to pay to the liquidator in respect of benefits received by that person as a result of the transaction or charge, such sums as fairly represent those benefits;

(b)

an order requiring property transferred to a person as part of the transaction to be restored to the company;

(c)

an order requiring property to be vested in the company if that property represents the application either of the proceeds of sale of property or of money so transferred;

(d)

an order releasing in whole or in part a debt incurred or a guarantee or charge given by the company;

(e)

an order declaring an agreement constituting, forming part of or relating to the transaction or charge or specified provisions of such an agreement, to have been void at and after the time when the agreement was made or at and after a specified later time;

(f)

an order varying such an agreement in the manner specified in the order and if the court thinks fit, declaring the agreement to have had effect as so varied at and after the time when the agreement was made or at and after a specified later time;

(g)

an order declaring such an agreement or specified provisions of such an agreement to be unenforceable;

(h)

an order requiring security to be given for the discharge of an order made under this section;

(i)

an order specifying the extent to which a person affected by the setting aside of a transaction or by an order made under this section, is entitled to claim as a creditor in the liquidation.

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

Repeals and Amendments

Schedules