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Contents

Part IX

197. No recovery of property during administration

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

(1)

Subject to sections 202 and 203 during the administration of a company, the owner or lessor of property that is used or occupied by, or is in the possession of, the company, including under a hire-purchase agreement, shall not take possession of the property or otherwise recover it, except with –

(a)

the prior, written consent of the administrator; or

(b)

the permission of the court on such terms and conditions as necessary.

(2)

The administrator may give consent under paragraph (a) of subsection (1) where it is satisfied that the taking possession or other recovery of the property does not harm the interests of the creditors as a whole.

(3)

The administrator shall not be liable in damages for declining to give consent under paragraph (a) of subsection (1).

(4)

The court may give permission under paragraph (b) of subsection (1) where it is satisfied that substantial injustice would otherwise result.

Rescue, Rehabilitation and Insolvency

Part X

Compromises

Part XI

Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements

Part XII

Part XIII

Part XIV

Cross - Border Insolvency

Part XV

Part XVI

Part XVII

Schedules