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Contents

Part VI

115. Description of Bankruptcy Estate

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

(1)

The property of the bankrupt debtor divisible amongst the creditors, and in this Act referred to as the

Bankruptcy Estate, shall not comprise any of the protected property specified in sections 34 and 35.

Rescue, Rehabilitation and Insolvency

(2)

Subject to subsection (1), the Bankruptcy Estate shall comprise —

(a)

all property belonging to or vested in the bankrupt debtor at the commencement of the Bankruptcy;

and

(b)

any property which, by virtue of any of the following provisions of this Chapter, forms part of that estate or is treated as forming part of that estate.

(3)

In this Chapter, property, in relation to the bankrupt debtor, includes reference to any power exercisable by the bankrupt debtor over or in respect of property in or outside

Sri Lanka for the bankrupt debtor’s own benefit.

(4)

For the purposes of this Chapter, property which forms part of the Bankruptcy Estate —

(a)

does so subject to the rights of any person other than the bankrupt debtor; and

(b)

a secured creditor may take possession of and realise and otherwise deal with property over which he has a security, disregarding any rights the secured creditor has surrendered under section 109 or in such manner as may be prescribed.

(5)

This section shall apply to any other enactment under which any property is to be excluded from a bankrupt debtor’s estate.

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

Cross - Border Insolvency

Part XV

Part XVI

Part XVII

Schedules