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srilawsby aturio
As enacted
Contents

Part VI

132. General assignments of book debts

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

(1)

The following applies where a person engaged in any business makes a general assignment to another of the person’s existing or future book debts, or any class of them,

Rescue, Rehabilitation and Insolvency and subsequently a Bankruptcy Order is made in respect of the person.

(2)

The assignment of book debts by the bankrupt debtor is void against the Bankruptcy Trustee as regards any book debts which have not been paid at the commencement of the

Bankruptcy, unless the assignment has been registered under the Registration of Documents Ordinance (Chapter 117) or the Companies Act.

(3)

For the purposes of this section, “assignment” includes assignment by way of security and other charges on book debts.

(4)

For the purposes of this section, a “general assignment”

does not include –

(a)

any assignment of book debts due at the date of the assignment from specified debtors, or of growing debts due under specified contracts; or

(b)

any assignment of book debts included in a transfer of a business made in good faith and for value, or any assignment of assets for the benefit of creditors generally.

Read on from s 133

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