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srilawsby aturio
As enacted
Contents

Part VI

121. Power to allow debtor to manage property

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

(1)

The Bankruptcy Trustee, with permission of the court or when a resolution of a majority in value of creditors so authorises, may appoint the bankrupt debtor himself -

(a)

to superintend the management of the Bankruptcy

Estate or of any part thereof; or

(b)

to carry on the trade (if any) of the bankrupt debtor for the benefit of the creditors, and in any other respect to aid in administering the property, in such manner and on such terms as the Bankruptcy Trustee may direct;

(c)

where the Bankruptcy Trustee considers that so doing does not harm the interests of the creditors as a whole.

(2)

Where a Bankruptcy Trustee has sought the permission of the court under subsection (1), the court shall grant such permission only where it is satisfied that so doing does not harm the interests of the creditors as a whole.

Rescue, Rehabilitation and Insolvency

Read on from s 122

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