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Contents

Part IX

201. Duties of Fiscal in administration

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

(1)

This section applies to an execution process against property of a company in administration that was levied but not completed within the meaning of section 200

before the commencement of the administration.

(2)

Notwithstanding any other enactment, subject to subsection (3) and unless the court orders otherwise on the application of the execution creditor, a Fiscal shall, as soon as practicable after the administration commences –

(a)

deliver to the administrator any property of the company that is in or comes into the Fiscal’s possession or custody or under the Fiscal’s control as a result of the execution process; and

Rescue, Rehabilitation and Insolvency

(b)

cause the administrator to be paid –

(i)

any proceeds of realisation of property of the company;

(ii)

any money of the company received or seized; and

(iii)

any money paid to avoid seizure or sale of property of the company, under the execution process, where such proceeds or money are in or have come into the Fiscal’s possession or custody or under the Fiscal’s control or have been paid into court and have not already been paid out.

(3)

The Fiscal may retain or cause to be retained –

(a)

from property delivered under paragraph (a) of subsection (2), property of a value that the Fiscal may reasonably determine to represent the costs of the execution process incurred by the Fiscal;

or

(b)

from proceeds or money paid under paragraph (b) of subsection (2), the costs of the execution process incurred by the Fiscal.

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