Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part VIII
169. Personal Insolvency Precedures: Credit and Business
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
A debtor commits of an offence if such debtor, either alone or with any other person, obtains credit in an amount of more than one hundred thousand rupees or such sum as may be prescribed, without informing the person from whom the credit is obtained of —
the debtor’s name, as specified in the Debt
Protection Moratorium Order, Debt Restructuring
Arrangement, or Debt Rehabilitation Order concerned; and
the fact that the debtor is subject to a Debt
Protection Moratorium Order, Debt Restructuring
Arrangement, or Debt Rehabilitation Order.
In this section, “debtor” means a debtor in respect of whom—
a Debt Protection Moratorium Order has been made, for so long as the Debt Protection
Moratorium Order remains in effect;
an order has been made confirming the coming into effect of a Debt Restructuring Arrangement;
for so long as the Debt Restructuring Arrangement remains in effect; or
Debt Rehabilitation Order has been made, for so long as the Debt Rehabilitation Order remains in effect.
Rescue, Rehabilitation and Insolvency
The reference in subsection (1) to a debtor obtaining credit includes the following cases—
where goods are hired to the debtor under a hire-purchase agreement or agreed to be sold to the debtor under a conditional sale agreement; and
where the debtor is paid in advance in money or otherwise for the supply of goods or services.
CHAPTER 3
Part IX
Part X
Compromises
Part XI
Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements
Part XII
Part XIII
Part XIV