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As enacted
Contents

Part I

19. Register of Insolvency Practitioners

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

(1)

The Authority shall keep and maintain a register of

Insolvency Practitioners, in which shall be entered the name, address and qualifications of every Insolvency Practitioner.

(2)

Within five working days after each appointment of an Insolvency Practitioner as an administrator, deed

Rescue, Rehabilitation and Insolvency administrator, liquidator or receiver, the Insolvency

Practitioner shall give written notice of the appointment to the Authority.

(3)

With respect to an Insolvency Practitioner, where the Authority receives a notice of an event referred to in paragraphs (a), (b), (c), (d) and (e) of section 21 or has reasonable grounds to suspect that any of those events has occurred, the Authority may, subject to subsection (5), take the following steps in the order in which they are specified –

(a)

first, suspend the Insolvency Practitioner’s registration as an Insolvency Practitioner, pending –

(i)

the disposal by the court of the application referred to in sub-paragraph (i) of paragraph (c); or

(ii)

the determination referred to in paragraph (c)(ii);

(b)

second, undertake an inquiry under section 23;

and

(c)

third, either –

(i)

make an application to the court under section 27; or

(ii)

determine that it is not appropriate to make such an application.

(4)

Subject to subsection (7), the Authority shall, against the name of a person named in the register of Insolvency

Practitioners, enter each of the following circumstances –

(a)

that the person’s registration as an Insolvency

Practitioner has been suspended under section 18;

Rescue, Rehabilitation and Insolvency

(b)

that the person’s registration as an Insolvency

Practitioner has been cancelled under section 17

or has otherwise ended without being renewed;

(c)

that the person has been suspended or removed from professional practice by any professional body, or that the Authority has been advised by a professional body that the person has been suspended or removed from professional practice by any professional body;

(d)

that the person is the subject of a prohibition order made under section 27;

(e)

that the person is prohibited either under section 213 of the Companies Act, or by an order made under section 214 of the Companies Act, from being appointed or acting as an office holder;

(f)

that the person has ceased to practise as an

Insolvency Practitioner;

(g)

that the person has died.

(5)

For the purposes of paragraph (f) of subsection (4), a person who is appointed or acts as an office holder shall be deemed to be practising as an Insolvency Practitioner.

(6)

Where an entry against a person’s name has been made under subsection (4), and the Authority is satisfied that –

(a)

the corresponding circumstances no longer exist;

or

(b)

the entry was erroneous, the Authority shall amend the register accordingly.

(7)

Where a person has ceased to practise as an Insolvency

Practitioner and a corresponding entry has been made against the person’s name under Paragraph (f) of subsection (4), and

Rescue, Rehabilitation and Insolvency unless subsection (6) applies with respect to that entry, the

Authority need not enter against the person’s name any of the circumstances referred to in paragraphs (a), (b), (c), (d), (e) and (g) of that subsection.

(8)

The extent to which, and the manner in which, the register of Insolvency Practitioners shall be made available to third parties for access, searching, statistical purposes and research purposes, shall be as may be prescribed.

Read on from s 20

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