As enacted

Contents

Companies Act 2007 · As enacted · Part XV · Receivers and Managers

449. Consent of mortgagee to sale of property

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

(1)

Where the consent of a mortgagee is required for the sale of property in receivership and the receiver is unable to obtain that consent, the receiver may apply to the court for an order authorising the sale of the property, either by itself or together with other assets.

(2)

The court may on an application under subsection (1)

of this section, make such order as it thinks fit authorising the sale of the property by the receiver, if satisfied that—

(a)

the receiver has made reasonable efforts to obtain the mortagee’s consent; and

(b)

the sale—

(i)

is in the interests of the grantor and the grantor’s creditors; and

(ii)

will not substantially prejudice the interests of the mortgagee.

(3)

An order under this section may be made subject to such terms and conditions as the court thinks fit.

DUTIES OF RECEIVERS

Read on from s 450

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