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Contents

Part IX

212. Initial meeting

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

(1)

This section applies in the circumstances referred to in Subsection (1) of section 211.

(2)

The administrator shall hold an initial meeting within ten working days after commencement of the administration.

(3)

The following business shall be conducted at the initial meeting –

(a)

consideration by creditors of the documents tabled at the meeting;

(b)

a resolution of creditors on whether or not to replace the administrator under paragraph (a) of subsection (1) of section 254; and

(c)

if the administrator is seeking to establish an administration creditors’ committee, one or more resolutions shall be made by the creditors –

(i)

on whether or not to establish such a committee under section 217; and

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(ii)

if such a committee is to be established, who are to be appointed as members of that committee.

(4)

At the initial meeting, the administrator shall table –

(a)

a statement to the effect that the conduct and performance of Insolvency Practitioners is monitored by the Authority and providing contact details of the Authority;

(b)

the written certification specified in paragraph (c)

of section 181 (1);

(c)

the written consent specified in paragraph (d) of section 181 (1);

(d)

an interests statement, signed by the administrator, that complies with section 30;

(e)

a statement of pre-administration costs, signed by the administrator, if the administrator seeks the payment of any unpaid pre-administration costs that complies with section 31;

(f)

the basis or bases and, any applicable hourly percentage rate or rates, and fixed level or levels of the administrator’s proposed remuneration;

and

(g)

where a directors’ statement has been provided to the administrator under section 219, that statement.

(5)

At least seven working days before the meeting is required under subsection (2) to be held, the administrator shall convene the initial meeting by –

(a)

giving written notice of the initial meeting to as many of the company’s creditors as is reasonably practicable; and

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(b)

giving public notice of the meeting.

(6)

A notice under paragraph (a) of subsection (5) shall –

(a)

state that an administrator has been appointed;

(b)

state the following :–

(i)

the administrator’s full name;

(ii)

the date of the appointment;

(iii)

the identity of the appointer of the administrator and, where the appointer was the court, the identity of the person on whose application the appointment was made; and

(iv)

the administrator’s office address and contact number to which, during normal working hours, inquiries may be directed;

(c)

specify –

(i)

the documents to be tabled at the meeting;

and

(ii)

the business to be conducted at the meeting;

(d)

if the administrator is seeking to establish an administration creditors’ committee –

(i)

summarise the matters referred to in section 217; and

(ii)

invite nominations for membership of such a committee.

(7)

The Fifth Schedule shall apply to an initial meeting.

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(8)

Within two working days after the holding of the initial meeting, the administrator shall send –

(a)

a copy of the statement referred to in paragraph (a) of subsection (4);

(b)

a copy of the interests statement referred to in paragraph (d) of subsection (4); and

(c)

a copy of the notice referred to in paragraph (a)

of subsection (5), to the Registrar and Authority.

(9)

An administrator who fails to comply with subsection (2), (5), (6) or (8) commits an offence.

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