175. Receivers

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

(1)

A receiver shall be required to notify the

Commissioner-General of the receiver’s appointment within fourteen days after being appointed.

(2)

The Commissioner-General may notify the receiver of the amount that appears to the Commissioner-General to be sufficient to provide for payment of tax owing, or that will become owing, by the person whose assets are in the possession or care of the receiver.

(3)

A receiver shall not dispose of an asset situated within

Sri Lanka held in the receiver’s capacity as receiver, without the prior permission of the Commissioner-General.

(4)

A receiver shall set aside out of the proceeds of sale of an asset the amount notified by the Commissioner-General under subsection (2) or a lesser amount as may be agreed with the Commissioner-General.

(5)

A receiver shall be personally liable for the amount of tax notified in subsection (2) to the extent of an amount required to be set aside under subsection (4), if the receiver fails to comply with the requirements of this section.

(6)

In this section, “receiver” means a person who, with respect to an asset situated in Sri Lanka, is—

(a)

a liquidator of a company or other entity;

(b)

a receiver appointed out of court or by a court;

(c)

a trustee in bankruptcy;

(d)

a mortgagee in possession;

(e)

an executor, administrator or heir of a deceased individual’s estate;

(f)

conducting the affairs of an incapacitated individual; or

(g)

a successor in a corporate reorganisation.

Read on from s 176

175. Receivers

Schedules