As enacted

Contents

Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part VI

146. Application for Debt Restructuring Arrangement during Bankruptcy

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

(1)

A bankrupt debtor may apply to court for an order staying the administration of the Bankruptcy for a limited period of ninety days, for the purpose of preparing a proposal for a Debt Restructuring Arrangement under Part IV.

(2)

Where a court has made an order under subsection (1), the debtor must prepare a proposal for a Debt Restructuring

Arrangement under the procedure speciﬁed in Part IV.

Rescue, Rehabilitation and Insolvency

(3)

Where a proposal for a Debt Restructuring

Arrangement in respect of a bankrupt debtor has been approved by creditors under section 52 and conﬁrmed by the court under section 54 —

(a)

the Debt Restructuring Arrangement shall take eﬀect in accordance with its terms and the provisions of Part IV; and

(b)

the court order providing for the conﬁrmation of the Debt Restructuring Arrangement shall also provide for the annulment of the Bankruptcy

Order in accordance with section 145.

(4)

Where a court has annulled a Bankruptcy Order under subsection (3), the annulment shall have the eﬀects speciﬁed in subsection (3) of section 145.

CHAPTER 11

The Oﬃcial Receiver

Read on from s 147

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