As enacted

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

178. Role of Administrator

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

The administrator of a company in administration –

(a)

has the control of the company’s aﬀairs, business and property;

(b)

may administer the company’s aﬀairs, business and property;

(c)

is required to investigate the company’s aﬀairs;

(d)

has the following objectives : –

(i)

to administer the company’s aﬀairs, business and property in a way that maximises the chances of the company, or as much as possible of its business, continuing in existence; and

(ii)

if it is not possible for the company or its business to continue in existence, to administer the company’s aﬀairs, business and property in a way that results in a better return for the creditors and shareholders than would result from an immediate liquidation of the company;

(e)

may, subject to the applicable provisions of this

Act, terminate or dispose of all or part of the

Rescue, Rehabilitation and Insolvency company’s business, and dispose of all or part of the company’s property; and

(f)

may perform or exercise any function or power that the company or any of its directors or other oﬃcers could perform or exercise if the company were not in administration.

CHAPTER 2

Process of Administration

Read on from s 179

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