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Contents

Part VI

117. After-Acquired property

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

(1)

Subject to sections 34, 35 and 115, between the commencement of the Bankruptcy and the discharge of the debtor all property, excluding protected property, that the bankrupt debtor acquires or that passes to the bankrupt debtor shall constitute after-acquired property.

(2)

All after-acquired property shall vest in the Bankruptcy

Trustee.

(3)

The powers that the bankruptcy debtor could have exercised in, over, or in respect of after-acquired property for the bankrupt debtor’s own benefit shall vest in the

Bankruptcy Trustee.

(4)

For the avoidance of doubt —

(a)

income of the bankrupt debtor shall not constitute after-acquired property; and

Rescue, Rehabilitation and Insolvency

(b)

income of the bankrupt debtor shall only be claimed for the Bankruptcy Estate through the means specified in sections 125 and 126.

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