Skip to content
srilawsby aturio
As enacted
Contents

Part I

21. Notice of specifi ed events

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

(1)

In this section, “specified event” means each of such events as may be prescribed.

(2)

An Insolvency Practitioner shall, in such manner as may be prescribed, give the Authority notice of the following events : –

(a)

the making of an order of the court under paragraph (a) of subsection (2) of section 264;

paragraph (a) of subsection (2) of section 363 or paragraph (a) of subsection (2) of section 405 to comply with a duty, against the person;

(b)

the making of an order of the court under section 265, section 364 or section 406 against the person;

(c)

the making of a prohibition order under section 27 against the person;

Rescue, Rehabilitation and Insolvency

(d)

the making of an order of the court under section 214 of the Companies Act against the person;

(e)

the suspension or removal of the person from professional practice by any professional body;

(f)

the removal of the person from office under section 254;

(g)

the removal of the person from office under section 255 or section 307; and

(h)

the occurrence of any other specified event.

(3)

A notice under subsection (2) shall be given within five working days after –

(a)

the day on which the Insolvency Practitioner became aware of the occurrence of the event; or

(b)

if earlier, the day on which the Insolvency

Practitioner could reasonably be expected to have become aware of the occurrence of the event.

(4)

An Insolvency Practitioner who fails to comply with this section commits an offence.

Read on from s 22

Part II

Personal Insolvency: Principles

Read on from Part II

Part III

Debt Protection Moratorium Order

Read on from Part III

Part IV

Debt Restructuring Arrangements

Read on from Part IV

Part V

Debt Rehabilitation Orders

Read on from Part V

Part VI

Read on from Part VI

Part VII

Personal Insolvency Register

Read on from Part VII

Part VIII

Read on from Part VIII

Part IX

Read on from Part IX

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