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As enacted
Contents

Part VI

134. No benefi t of exceution or other process unless completed before Bankruptcy

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

(1)

Subject to subsection (2), a creditor is not entitled to the benefit of any execution or other legal process or distress against a bankrupt debtor or property of the bankrupt debtor unless the execution or other legal process or distress was completed at least one hundred and eighty days before the commencement of the Bankruptcy, except with the permission of the court on such terms and conditions as necessary.

(2)

For the purposes of subsection (1) –

(a)

an execution against movable or immovable property is completed by seizure, or the entry into possession of a receiver or appointee or a person charged with the execution, and a completed sale; and

(b)

an attachment of a debt is completed by the satisfaction of the debt.

(3)

A person who acquires property of the bankrupt debtor in good faith –

(a)

from a Fiscal charged with an execution process;

or

(b)

on which distress has been levied, acquires good title as against the Bankruptcy Trustee and the bankrupt debtor.

(4)

Nothing in this section shall affect or limit the application of sections 412, 413, 414, 415, 416, 417, 418

or 419.

Rescue, Rehabilitation and Insolvency

Read on from s 135

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