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srilawsby aturio
As enacted
Contents

Part I

11. Instances when an Official Receiver shall not act as a Bankruptcy Trustee

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

(1)

A person holding the office of Official Receiver shall not be appointed, act or continue to act as Bankruptcy

Trustee if –

(a)

the person holding the office of Official Receiver is a creditor of the debtor in Bankruptcy; and

Rescue, Rehabilitation and Insolvency

(b)

the creditors decide, by resolution, that they do not wish the person to act as such.

(2)

A person holding the office of Official Receiver shall not be appointed, act or continue to act as liquidator or provisional liquidator of a company if –

(a)

the person holding the office of Official Receiver is a creditor of such company; and

(b)

the creditors decide, by resolution, that they do not wish the person to act as such.

(3)

Where the creditors adopt a resolution of the kind referred to in paragraph (b) of subsection (1) or paragraph (b)

of subsection (2), the Director-General shall appoint another person from among those appointed under subsection (1)

of section 8 to act as Bankruptcy Trustee, liquidator or provisional liquidator.

CHAPTER 3

Insolvency Practitioners

Read on from s 12

Part II

Personal Insolvency: Principles

Read on from Part II

Part III

Debt Protection Moratorium Order

Read on from Part III

Part IV

Debt Restructuring Arrangements

Read on from Part IV

Part V

Debt Rehabilitation Orders

Read on from Part V

Part VI

Read on from Part VI

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