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srilawsby aturio
As enacted
Contents

Part IX

190. Appointment of Administrator by a court

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

(1)

Subject to subsection (2), the court may appoint an administrator on the application of one of the following: –

(a)

the company;

(b)

one or more directors of the company;

(c)

a contributory of the company;

(d)

a creditor (including a contingent or prospective creditor) of the company;

(e)

if the company is in liquidation, the liquidator;

(f)

where a provisional liquidator has been appointed, the provisional liquidator;

(g)

the Registrar; or

(h)

the Authority.

(2)

The court may appoint an administrator where the court is satisfied that –

(a)

the company is or is likely to become insolvent but, if an administrator is appointed, either –

(i)

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

Rescue, Rehabilitation and Insolvency

(ii)

a better return for the creditors and shareholders may be achieved than would be likely if the liquidation of the company were to commence immediately; or

(b)

it is just and equitable to do so.

Read on from s 191

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