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srilawsby aturio
As enacted
Contents

Part VI

137. Duration of Bankruptcy

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

(1)

The Bankruptcy continues in effect until an Order of Discharge has been made under section 138, which shall be made as soon as practicable after the expiry of a period of three years from the date of the Bankruptcy Order.

(2)

The Bankruptcy may continue for a period longer than that specified in subsection (1). The total period shall not exceed seven years, where the debtor’s included debts exceeds ten million rupees.

(3)

A Bankruptcy can continue for a period longer than the periods specified in subsections (1) or (2) where the court suspends discharge under sections 141 or 143.

Rescue, Rehabilitation and Insolvency

(4)

When the court suspends a discharge under subsection (3), the court must specify an alternative date for discharge, which must be no later than one year after the expiry of –

(a)

where subsection (1) applies, the period of three years; or

(b)

where subsection (2) applies, the period of seven years, from the date of the Bankruptcy Order.

Read on from s 138

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