456. Further reports by receiver

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

A receiver or a person who was a receiver at the end of the receivership, as the case may be, shall not later than two months after—

(a)

the end of each period of six months after his appointment as receiver ; and

(b)

the date on which the receivership ends, prepare a further report summarising the state of affairs with respect to the property in receivership as at those dates, and the conduct of the receivership including all amounts received and paid, during the period to which the report relates.

(2)

The report referred to in subsection (1) shall include details of—

(a)

property disposed of since the date of any previous report and any proposals for the disposal of property in receivership ;

(b)

amounts owing as at the date of the report, to any person in whose interest the receiver was appointed ;

(c)

amounts owing as at the date of the report, to creditors of the grantor having preferential claims ;

and

(d)

amounts likely to be available as at the date of the report for payment to creditors, other than those referred to in paragraph (b) or paragraph (c).

(3)

A receiver may omit from the report required to be prepared in accordance with paragraph (a) of subsection (1), details of any proposals for disposal of property in receivership, if he or she considers that their inclusion would materially prejudice the exercise of his or her functions.

(4)

Every person who fails to comply with the requirements of this section shall be guilty of an offence and be liable on conviction to a fine not exceeding fifty thousand rupees.

Read on from s 457

Part XVI