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srilawsby aturio
As enacted
Contents

Part IX

188. Appointment of Administrator by a liquidator or provisional liquidator

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

(1)

Subject to subsections (3) and (4), the liquidator or provisional liquidator of a company may appoint an administrator where the liquidator or provisional liquidator thinks that –

(a)

the company is or is likely to become insolvent;

and

(b)

if an administrator is appointed, either –

Rescue, Rehabilitation and Insolvency

(i)

the survival of the company or the whole or part of its business is reasonably capable of being achieved; or

(ii)

a better return for the creditors and shareholders may be achieved.

(2)

An appointment under subsection (1) shall be in writing.

(3)

The liquidator, or a connected party of the liquidator, may not be appointed as administrator unless either of the following is first obtained –

(a)

the approval of the creditors by resolution; or

(b)

the permission of the court.

(4)

The appointment of an administrator under subsection (1) shall suspend the liquidation or provisional liquidation, including the powers of the liquidator or provisional liquidator, as the case may be, to act on the company’s behalf:

Provided however, nothing in this subsection shall construe that the liquidator or provisional liquidator, as the case may be, shall be removed from office with the appointment of an administrator under subsection (1).

Read on from s 189

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