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srilawsby aturio
As enacted
Contents

Part IX

200. No benefi t of execution or other process unless completed before administration

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

(1)

Subject to subsection (2), a creditor shall not be entitled to the benefit of any execution or other legal process or distress against a company in administration or any of its property unless the execution or other legal process or distress was completed before the commencement of the administration, except with the permission of the court on such terms and conditions as may be necessary.

Rescue, Rehabilitation and Insolvency

(2)

For the purposes of subsection (1) –

(a)

an execution against movable or immovable property is completed by seizure, or the entry into possession of a receiver or appointee or a person charged with execution, and a completed sale; and

(b)

an attachment of a debt is completed by satisfaction of the debt.

(3)

A person who acquires property of the company in good faith –

(a)

from a Fiscal charged with an execution process;

or

(b)

on which distress has been levied, acquires good title as against the company and administrator.

(4)

Nothing in this section shall affect or limit the application of sections 412, 413, 414, 415, 416, 417, 418

and 419.

Read on from s 201

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