Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part I
17. Cancellation of registration
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
The Authority may cancel a person’s registration as an Insolvency Practitioner –
Rescue, Rehabilitation and Insolvency
if it is satisfied on reasonable grounds that –
the person has died;
the person obtained the registration by making a false or misleading representation or declaration;
the person does not continue to meet or has not continued to meet the requirements for registration as an Insolvency Practitioner maintained under section 14;
the person does not meet or has not met a condition imposed on the person’s registration as an Insolvency Practitioner under section 15;
the person does not comply with or has not complied with the requirement in section 20;
or
the person is otherwise not a fit and proper person to be appointed and act as a key office holder;
as a type of disciplinary action under section 24;
if the person is the subject of a prohibition order made under section 27;
if the person is prohibited either under section 213 of the Companies Act, or by an order made under section 214 of the Companies Act; or
if the person so requests.
With respect to cancellation of a registration under subsection (1), the Authority shall follow such procedure as
Rescue, Rehabilitation and Insolvency may be prescribed, including in the case of paragraphs (a) (ii), (a)(iii) and (a)(iv) as to –
giving the Insolvency Practitioner a prior opportunity to be heard on the matter; and
appeals.
The person shall not be appointed or act as a key office holder, for so long as a person’s registration as an Insolvency
Practitioner is cancelled under subsection (1).
Part II
Personal Insolvency: Principles
Part III
Debt Protection Moratorium Order
Part IV
Debt Restructuring Arrangements
Part V
Debt Rehabilitation Orders
Part VI
Part VII
Personal Insolvency Register
Part VIII
Part IX
Part X
Compromises
Part XI
Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements
Part XII
Part XIII
Part XIV