Companies Act 2007 · As enacted · Part XV · Receivers and Managers
465. Relief from liability
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
The court may relieve a person who has acted as a receiver from all or any personal liability incurred in the course of the receivership, if it is satisfied that :—
the liability was incurred solely by reason of a defect in the appointment of the receiver, or in the instrument or order of the court by or under which the receiver was appointed ; and
the receiver acted honestly and reasonably and ought in the circumstances to be exempted from liability.
The court may exercise its powers under subsection (1) subject to such terms and conditions as it thinks fit.
A person in whose interest a receiver was appointed is liable, subject to such terms and conditions as the court thinks fit, to the extent to which the receiver is relieved from liability under subsection (1).
COURT SUPERVISION OF RECEIVERS
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