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As enacted
Contents

Part XIII · Administrators Appointment of Administrator

405. Effect of confirmation of administrator

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

(1)

During the period for which an administrator holds office after the expiry of the initial period—

(a)

no resolution may be passed or order made for the winding up of the company ;

(b)

no receiver of the property of the company may be appointed ;

(c)

no other steps may be taken to enforce any security over any property of the company or to re-possess any goods in the company’s use or possession under any hire-purchase agreement, except with—

(i)

the consent of the administrator ; or

(ii)

the leave of the court and subject to such terms as the court may impose ;

(d)

no other proceedings and no execution or other legal process may be commenced or continued and no distress may be levied against the company or its property, except with—

(i)

the consent of the administrator ; or

(ii)

the leave of the court and subject to such terms as the court may impose ;

(2)

Nothing in subsection (1) requires the consent of the administrator or the leave of the court for—

(a)

filing a petition to wind up the company ; or

(b)

giving notice in relation to a default under a charge over property of the company or under an agreement relating to property in the use, possession, or occupation of the company.

ADMINISTRATOR’S PROPOSALS

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