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srilawsby aturio
As enacted
Contents

Part IX

187. Restriction on appointment of the administrator by the board of the company or board

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

(1)

An administrator may not be appointed under section 185 or section 186 after a liquidation has commenced.

(2)

Where an application under section 190 or paragraph (c)

of subsection (2) of section 298 has been made and served on the company, and is pending, an administrator may not be appointed under section 185 or section 186, unless –

(a)

the appointment is made within seven working days after the application is served on the company;

(b)

the application was made by a creditor under paragraph (d) of subsection (1) of section 190 or paragraph (c) of subsection (2) of section 298, with the prior, written consent of that creditor;

(c)

with the permission of the court; or

Rescue, Rehabilitation and Insolvency

(d)

as a replacement administrator to fill a vacancy in the office of administrator, where the previous administrator was appointed in accordance with –

(i)

one of the preceding paragraphs of this subsection; or

(ii)

this paragraph.

(3)

During a receivership of the whole, or substantially the whole, of the company’s property and undertaking, an administrator may not be appointed under section 185 or 186 except –

(a)

with the prior, written consent of the person by whom or in whose interests the receiver was appointed;

(b)

with the permission of the court; or

(c)

as a replacement administrator to fill a vacancy in the office of administrator, where the previous administrator was appointed in accordance with –

(i)

one of the preceding paragraphs of this subsection; or

(ii)

this paragraph.

Read on from s 188

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