Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part VI
100. Release of Trustee
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
Where the Official Receiver has ceased to be the
Bankruptcy Trustee and a person is appointed instead, the
Official Receiver shall have such release with effect from the time at which the court issues a certificate of the appointment of a Bankruptcy Trustee under section 98.
If the Official Receiver, while being the Trustee, gives written notice to the court that the administration of the
Bankruptcy Estate is for practical purposes complete, the
Official Receiver shall be released with effect from such time as the court may determine.
A person other than the Official Receiver who has ceased to be the Bankruptcy Trustee shall have such release with effect from the following times:-
Rescue, Rehabilitation and Insolvency
where the person has died, the time at which written notice is given to the court and Official
Receiver that person has ceased to hold office;
in the following cases, twenty eight days after the time at which written notice is given to the court and Official Receiver that person has ceased to hold office -
the person has been removed from office by a decision of the bankrupt's creditors under section 99 and the creditors have not decided against his release; or
the person has resigned under subsection (7) of section 99;
in the following cases, such time as the court may, on an application by the person, determine—
the person has been removed from office by a decision of the bankrupt's creditors and the creditors have decided against such release;
the person has vacated office under subsection (5) of section 99; or
the person has been removed from office by the court.
the person is removed from office by a decision of the bankrupt debtor's creditors, any decision of the bankrupt debtor's creditors as to whether the person shall be released, shall be made by a resolution of a majority in value of creditors.
Where a Bankruptcy Order is annulled, the Bankruptcy
Trustee at the time of the annulment is released with effect from such time, as the court may determine.
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Where the Official Receiver or the Bankruptcy Trustee has been released under this section, the Official Receiver or
Bankruptcy Trustee shall, with effect from the time specified in the preceding provisions of this section, be discharged from all liability.
CHAPTER 4
Functions and Duties of Bankruptcy Trustee
Part VII
Personal Insolvency Register
Part VIII
Part IX
Part X
Compromises
Part XI
Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements
Part XII
Part XIII
Part XIV