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srilawsby aturio
As enacted
Contents

Part VI

116. Vesting of property in Bankruptcy Trustee

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

(1)

Until a Bankruptcy Trustee is appointed,

(a)

the Official Receiver shall, in accordance with section 97 be the Bankruptcy Trustee for the purposes of this Act; and

Rescue, Rehabilitation and Insolvency

(b)

immediately on a Bankruptcy Order being made, the Bankruptcy Estate shall vest in the Official

Receiver.

(2)

On the appointment of a person other than the Official

Receiver as Bankruptcy Trustee, the Bankruptcy Estate shall vest immediately in the Bankruptcy Trustee appointed.

(3)

Where any property which is, or is to be, comprised in the Bankruptcy Estate vests in the Official Receiver, whether under this section or under any other provision of this

Chapter, it shall so vest without any conveyance, assignment or transfer.

(4)

The certificate of appointment of a Bankruptcy Trustee shall for all purposes of any law in force in any part of Sri

Lanka requiring registration or recording of conveyances or assignments of property, be deemed to be a conveyance or assignment of property and may be registered and recorded accordingly.

Read on from s 117

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