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Contents

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.

(1)

The Authority may cancel a person’s registration as an Insolvency Practitioner –

Rescue, Rehabilitation and Insolvency

(a)

if it is satisfied on reasonable grounds that –

(i)

the person has died;

(ii)

the person obtained the registration by making a false or misleading representation or declaration;

(iii)

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;

(iv)

the person does not meet or has not met a condition imposed on the person’s registration as an Insolvency Practitioner under section 15;

(v)

the person does not comply with or has not complied with the requirement in section 20;

or

(vi)

the person is otherwise not a fit and proper person to be appointed and act as a key office holder;

(b)

as a type of disciplinary action under section 24;

(c)

if the person is the subject of a prohibition order made under section 27;

(d)

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

(e)

if the person so requests.

(2)

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 –

(a)

giving the Insolvency Practitioner a prior opportunity to be heard on the matter; and

(b)

appeals.

(3)

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

Cross - Border Insolvency

Part XV

Part XVI

Part XVII

Schedules