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srilawsby aturio
As enacted
Contents

Part I

18. Suspension 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 suspend a person’s registration as an Insolvency Practitioner –

(a)

as the first step under subsection (3) of section 19;

(b)

if it is satisfied on reasonable grounds that 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;

(c)

if it is satisfied on reasonable grounds that the person does not meet or has not met a condition imposed on the person’s registration as an

Insolvency Practitioner under section 15;

(d)

if it is satisfied on reasonable grounds that the person does not comply with or has not complied with the requirement in section 20;

(e)

if it makes an inquiry into the conduct or performance of the Insolvency Practitioner under section 23; or

(f)

as a type of disciplinary action under section 24, on such terms and conditions as necessary, subject to any limit on the period of suspension as may be prescribed.

Rescue, Rehabilitation and Insolvency

(2)

With respect to suspension of a registration under subsection (1), the Authority shall follow such procedure as may be prescribed, including in the case of paragraphs (a), (b) and (c) as to –

(a)

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

(b)

appeals.

(3)

For so long as a person’s registration as an Insolvency

Practitioner is suspended under subsection (1), the person shall not be appointed or act as a key office holder.

(4)

The Authority shall review suspended registrations at such times or on such occasions as may be prescribed, and in any event at or around the time at which the suspension is ended.

(5)

With respect to review of a suspended registration under subsection (4), the Authority shall follow such procedure as may be prescribed, including as to –

(a)

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

(b)

appeals.

(6)

On completing a review under subsection (4), the

Authority may end the suspension or extend the suspension, subject to any limit on the period of suspension as may be prescribed.

Read on from s 19

Part II

Personal Insolvency: Principles

Read on from Part II

Part III

Debt Protection Moratorium Order

Read on from Part III

Part IV

Debt Restructuring Arrangements

Read on from Part IV

Part V

Debt Rehabilitation Orders

Read on from Part V

Part VI

Read on from Part VI

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

Schedules