2. Interpretation

“Authority” means the Insolvency Regulatory

Authority;

“bank” means a licensed commercial bank or a licensed specialised bank within the meaning of the Banking Act, No. 30 of 1988;

“bank account” means an account held at a bank;

“bankrupt debtor”, in relation to a Bankruptcy procedure, means the debtor in respect of whom a Bankruptcy Order has been made;

“Bankruptcy Trustee” means a person appointed as a

Bankruptcy Trustee under section 98;

“commencement” with respect to –

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“Companies Act” means the Companies Act, No. 07

of 2007;

“company” means a company incorporated under the

Companies Act or an existing company, and

but

Second Schedule;

“connected party” means a person who is connected to another person in the manner set out in the

Third Schedule;

“Constitutional Council” means the Constitutional

Council established under Article 41A of the

Constitution;

“contributory” with respect to a company –

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“control” means ownership either directly or indirectly of more than fifty per cent of the capital of a person; the power, right or ability, directly or indirectly to direct or cause the direction of the management, policies or affairs of a person, whether by statute or by any written law or contract; or ownership of the voting capital, or otherwise;

“creditor” includes a person to whom a company or an individual owes a debt or is under a liability, whether present or future, certain or contingent and whether ascertained or sounding in damages;

“debtor”, in relation to a personal insolvency procedure, means-

“deed administration” means deed administration under Part IX and “deed administrator” shall have the corresponding meaning;

“director”, with respect to a company, includes –

and

182, 313, 371, 440 and 442 includes –

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“encumbrance” means security of every kind;

“enforce”, with respect to an encumbrance over property of a company or an individual, includes –

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(Special Provisions) Act, No. 4 of 1990;

“essential goods or services” means –

“Fiscal” includes any officer charged with the execution of a writ or another legal process;

“floating charge” means a charge that, when it was created, was a floating charge within the meaning of section 427(1) of the Companies Act;

“goods” means tangible movable property of every kind;

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“grantee”, with respect to an instrument that creates an encumbrance, means, the person entitled to the benefit of the instrument;

“hire-purchase agreement” includes a conditional sale agreement, chattel leasing arrangement, finance lease and the retention of the title agreement;

“Insolvency Holding Account” means, the account referred to in section 431;

“Insolvency

Practitioner”

means a person registered by the

Authority as such under the provisions of Chapter 3 of

Part I;

“Insolvency Surplus Account” means the account referred to in section 431;

“insolvent”, with respect to an individual, shall have the meaning given to it in subsection (1) of section 409; and a company, shall have the meaning given to it in subsection (2) of section 409;

“involved party”, with respect to a company, means –

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“key office holder” means a Bankruptcy Trustee, personal insolvency administrator, personal insolvency proposer, administrator, liquidator, provisional liquidator or receiver;

“legal proceedings”, for the purposes of Parts II to

VIII includes, where relevant, mediation and arbitration;

“liquidation” means liquidation under Part XII and

“liquidator” shall have the corresponding meaning;

“liquidation contributories’ committee” means a committee established under section 309 ;

“liquidation creditors’ committee” means a committee established under section 308;

“Minister”

means the Minister assigned the administration of the Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act,

No. 12 of 2026 under Article 44 or 45 of the

Constitution;

“office holder” means a Bankruptcy Trustee, personal insolvency administrator, personal insolvency proposer, administrator, deed administrator, liquidator, provisional liquidator or receiver;

“officer”, with respect to a body corporate, includes a director, secretary, an executive or a member of the senior management team;

“personal insolvency administrator” means the office referred to in Chapter 3 of Part IX;

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“personal insolvency official” means a Bankruptcy

Trustee, authorised intermediary, personal insolvency administrator, personal insolvency proposer or the Official Receiver;

“Personal Insolvency Order” includes -

Debt

Protection

Moratorium

Order;

Arrangement;

“Personal Insolvency Procedure” includes-

“personal insolvency proposer” means the office referred to in section 49 ;

“pre-administration costs”, with respect to a company, means costs, charges and expenses incurred by and remuneration of an administrator in relation to the company before the company entered into administration and with a view to such entry into

Rescue, Rehabilitation and Insolvency administration and to furthering the achievement of the objective referred to in paragraph (d) of section 178;

“preferential claim” means a claim referred to in paragraph 1, 2 or 8 of the Fourth Schedule;

“prescribed” means prescribed by regulation;

“property” means property of every kind, whether real or personal, tangible or intangible, and includes interests of every kind, whether present or future, certain or contingent, arising out of, or incidental to, property;

“property in receivership” means property in respect of which a receiver is appointed;

“provisional liquidation”

means provisional liquidation under Part XII and “provisional liquidator” shall have the corresponding meaning;

“receiver” other than for the purposes of the definition,

“appointee”, means a receiver or a manager or a receiver and a manager of any property, who is or would be, as the context requires, appointed –

“Registrar” shall have the meaning given to it in the

Companies Act;

“related company” means with respect to any company –

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and

Accounting Standards for the time being in force;

“relevant date” means –

“relevant information technology” means –

“replacement administrator” means an administrator who is or would be, as the context requires, appointed under Chapter I of Part IX to replace an administrator;

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“replacement deed administrator” means a deed administrator who is or would be, as the context requires, appointed under Part IX to replace a deed administrator;

“replacement liquidator” means a liquidator who is or would be, as the context requires, appointed under Part XII to replace a liquidator;

“replacement receiver” means a receiver who is or would be, as the context requires, appointed under Part XIII to replace a receiver;

“secured creditor” means a creditor who has the benefit of an encumbrance;

“shareholder”, with respect to a company, means a shareholder within the meaning of section 86 of the Companies Act;

“statutory demand” means a written demand, in such form as may be prescribed, requiring a company to pay a sum that is due;

“telecommunications services” means the conveyance from one device to another by a line, radio frequency, satellite transmission or other medium of a sign, signal, impulse, writing, image, sound, instruction or information of any nature, whether or not for the information of a person using the device;

“transaction at an undervalue” shall have the meaning given to it in section 418;

“uncalled capital” includes any amount payable in respect of the issue of shares or under the articles of a company;

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“voidable transaction” means –

respectively;

“working day” means a day other than Saturday,

Sunday or a public holiday.

Receiver include references to a Deputy Official

Receiver acting on behalf of or standing in the place of the Official Receiver under subsection (6) of that section.

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“delivery”

or

“making available”

books, documents, records, property or the like include affording access to and the transmission of the same;

include publication on a dedicated website, including one provided for that purpose by the Authority, notified, where necessary to be effective, in writing; and