Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part IX
213. Outcome meeting
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
This section applies to circumstances referred to in subsection (1) of section 211 and subsection (3) of section 216.
The administrator shall, within the convening period, convene an outcome meeting.
On the application of the administrator, the court may extend the convening period, but shall not do so if the application has been made after the convening period has expired.
The creditors may by resolution extend the convening period, but shall not do so after the convening period has expired.
The convening period may be extended under subsection (3) or (4) where it has already been extended under one or both of those subsections.
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At least seven working days before the meeting is required under subsection (8) to be held, the administrator shall convene the outcome meeting by –
giving written notice of the outcome meeting to as many of the company’s creditors as is reasonably practicable; and
giving public notice of the meeting.
The administrator shall enclose the following documents with a notice under paragraph (a) of subsection (6): –
the directors’ statement provided to the administrator under section 219, if not tabled at the initial meeting;
a report by the administrator about –
the affairs, business, property and financial circumstances of the company;
all agreements, transactions and dealings, entered into after commencement of the administration, affecting property of the company; and
any other matter material to the creditors’
decisions to be considered at the meeting;
a statement setting out the administrator’s opinion, with reasons for that opinion, as to –
whether it would be in the creditors’ interests for the company to make a deed of company arrangement;
whether it would be in the creditors’ interests for a liquidator to be appointed; or
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whether it would be in the creditors’
interests for the administration to end otherwise; and
where a deed of company arrangement is proposed, a statement by the administrator –
setting out the terms of the proposed deed;
explaining the effect of approval of the proposed deed, and in particular its commercial impact; and
containing such other information as may be prescribed.
The administrator shall hold the outcome meeting within five working days after the end of the convening period.
An outcome meeting may be adjourned to a day that is not more than thirty working days after the first day on which the meeting was held, unless the court on the application of the administrator orders that the meeting be adjourned to a date later than this.
An administrator who fails to comply with any of subsections (2), (6) and (8) commits an offence.
Part X
Compromises
Part XI
Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements
Part XII
Part XIII
Part XIV