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srilawsby aturio
As enacted
Contents

Part IX

189. Appointment of Administrator by a secured creditor

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

(1)

Subject to subsection (3), a secured creditor who holds an encumbrance over the whole, or substantially the whole, of a company’s property and undertaking, or a receiver appointed by that person, may appoint an administrator where the encumbrance has become, and is still, enforceable.

(2)

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

Rescue, Rehabilitation and Insolvency

(3)

A secured creditor who appoints an administrator under subsection (1) shall give written notice of such appointment to the company as soon as practicable and in any event before the close of the next working day after appointment.

(4)

The secured creditor or receiver may not appoint an administrator if the company is already in liquidation.

Read on from s 190

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