Companies Act 2007 · As enacted · Part XIII · Administrators Appointment of Administrator
404. Duty of administrator to summon initial meeting
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
An administrator shall within ten working days of being appointed, send a written notice to all creditors of the company so far as he is aware of their addresses—
advising them of the appointment of an administrator ; and
calling a meeting of creditors to consider whether the appointment should be confirmed.
Where no meeting of creditors is held before the expiry of the initial period, the administrator shall cease to hold office at the expiry of that period.
A meeting of creditors called under this section shall be conducted in accordance with the procedures specified in the Seventh Schedule, save that all creditors shall vote as one class.
Where a meeting of creditors under this section does not confirm the appointment of the administrator, the administrator shall cease to hold office with effect from the close of the meeting.
Where a meeting of creditors under this section confirms the appointment of the administrator, the administrator shall continue in office and shall prepare proposals in accrodance with the provisions of section 406.
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