Companies Act 2007 · As enacted · Part XV · Receivers and Managers
467. Court may terminate or limit receivership
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 subject to the provisions of subsection (2), on the application of the grantor or a liquidator of the grantor —
order that a receiver shall cease to act as such as from a specified date and prohibit the appointment of any other receiver in respect of the property in receivership ;
order that a receiver shall as from a specified date, act only in respect of specified assets forming part of the property in receivership.
An order under subsection (1) may be made only where the court is satisfied that —
the purpose of the receivership has been satisfied so far as possible ; or
circumstances no longer justify its continuation.
Unless the court orders otherwise, a copy of an application under this section shall be served on the receiver not less than five working days before the hearing of the application, and the receiver may appear and be heard at the hearing.
An order under subsection (1) may be made on such terms and conditions as the court thinks fit.
An order under this section shall not affect a security or charge over the property, in respect of which the order is made.
The court may on the application of any person who applied for or is affected by the order, rescind or amend an order made under this section.
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