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As enacted
Contents

Part VI

103. Creditor’s committee in cases where the Offi cial Receiver is not the Bankruptcy Trustee

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

Subject to subsections (2) and (3), a bankrupt debtor's creditors may, in accordance with any procedure as may be prescribed, establish a committee (known as “the creditors' committee”) to perform the functions conferred on it by or under this Act.

(2)

The bankrupt debtor's creditors shall not establish such a committee, or confer any functions on such a committee, at any time when the Official Receiver is the Bankruptcy

Trustee.

(3)

With respect to a creditors’ committee, the following matters shall be subject to such requirements, restrictions and limitations as may be prescribed : –

(a)

membership and termination of membership of the committee;

(b)

notice of the establishment of the committee and of matters relating to the committee;

(c)

the procedure for convening meetings of the committee;

(d)

protection of acts, omissions or decisions done or made by members of the committee;

(e)

reimbursement of expenses of members of the committee; and

(f)

transactions by members of the committee and their related parties.

Read on from s 104

Part VII

Personal Insolvency Register

Read on from Part VII

Part VIII

Read on from Part VIII

Part IX

Read on from Part IX

Part X

Compromises

Read on from Part X

Part XI

Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements

Read on from Part XI

Part XII

Read on from Part XII

Part XIII

Read on from Part XIII

Part XIV

Cross - Border Insolvency

Read on from Part XIV

Part XV

Read on from Part XV

Part XVI

Read on from Part XVI

Part XVII

Read on from Part XVII

Schedules