Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part IX
180. Administration routes
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
Following the commencement of an administration, and subject to subsection (4) and to the other applicable provisions of this Act and any regulation made thereunder the administrator shall–
convene –
an initial meeting; and
subsequently, an outcome meeting; or
in relation to a proposed deed of company arrangement –
convene a combined initial and outcome meeting;
apply to the court for a deed review hearing;
and
after hearing such views of creditors as are expressed on this matter at the combined initial and outcome meeting –
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proceed to the deed review hearing; or
convene an outcome meeting.
In this section –
“standard route” means the course of action described in paragraph (a) of subsection (1);
“expedited route” means the course of action described in paragraph (b) of subsection (1); and
In the standard route –
the objectives of an initial meeting include the provision of an opportunity for creditors to decide, subject to the applicable provisions of this Act –
whether or not to replace the administrator;
and
whether or not an administration creditors’
committee shall be appointed and, if appointed, who shall be the members of that committee,
the objectives of an outcome meeting include the making of a resolution by creditors, subject to the applicable provisions of this Act, on whether –
a proposed deed of company arrangement should be approved;
unless the company is already in liquidation, a liquidator should be appointed; or
the administration should end otherwise.
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In the expedited route –
the objectives of a combined initial and outcome meeting include –
the objectives of an initial meeting referred to in paragraph (a) of subsection (3); and
the making of a resolution by creditors, subject to the applicable provisions of this
Act, on whether or not a proposed deed of company arrangement should be approved;
and
the objective of a deed review hearing is a determination by the court, subject to the applicable provisions of this Act, on whether or not a deed of company arrangement approved by creditors should be made binding.
Forthwith after commencement of the administration and subject to subsection (6), the administrator shall –
decide on whether to pursue the standard route;
or
decide on whether to pursue the expedited route.
The administrator may not decide to pursue the expedited route unless –
a directors’ statement has been provided to the administrator under section 219; and
the administrator is satisfied that –
there is sufficient support from creditors for approval of a proposed deed of company arrangement at the combined initial and outcome meeting; and
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if the proposed deed of company arrangement referred to in paragraph (i)
were to take effect, it would comply with the requirements in section 223.
In this Part –
“combined initial and outcome meeting” means, a meeting of creditors, as described in section 215;
“convening period” means, the period of twenty working days after commencement of the administration, and includes any period by which it is extended under subsection (3) or (4) of section 213;
“deed review hearing” means, a court hearing as described in section 216;
“initial meeting” means, a meeting of creditors,as described in section 212;
“outcome meeting” means, a meeting of creditors,as described in section 213.
CHAPTER 3
Appointment of Administrator
Part X
Compromises
Part XI
Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements
Part XII
Part XIII
Part XIV