Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part IX
215. Combined initial and 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 in the circumstances referred to in subsection (2) of section 211.
The administrator shall hold a combined initial and outcome meeting within ten working days after commencement of the administration.
The following business shall be conducted at the combined initial and outcome meeting : –
the business referred to in subsection (3) of section 212; and
a resolution of creditors on approval of a proposed deed of company arrangement specified in the resolution.
The administrator shall table at the combined initial and outcome meeting the documents referred to in paragraphs (a), (b), (c), (d), (e) and (f) of subsection (4) of section 212.
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At least seven working days before the meeting is required to be held under subsection (2), the administrator shall convene the combined initial and outcome meeting by –
giving written notice of the combined initial and outcome meeting to as many of the company’s creditors as is reasonably practicable; and
giving public notice of the meeting.
A notice under paragraph (a) of subsection (5) shall –
state that an administrator has been appointed;
state the following :–
the administrator’s full name;
the date of the appointment;
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
the administrator’s office address and contact number to which, during normal working hours, inquiries may be directed;
specify –
the documents to be tabled at the meeting;
and
the business to be conducted at the meeting;
if the administrator is seeking to establish an administration creditors’ committee –
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summarise the matters referred to in section 217; and
invite nominations for membership of an administration creditors’ committee.
The administrator shall enclose the following documents with a notice under paragraph (a) of subsection (5):–
the directors’ statement provided to the administrator under section 219;
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, that it would be in the creditors’ interests for the company to make a deed of company arrangement;
a statement by the administrator –
setting out the terms of the proposed deed of company arrangement;
explaining the effect of approval of the proposed deed, and in particular its commercial impact; and
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containing such other information as may be prescribed; and
a statement containing such information about the expedited procedure as may be prescribed.
The Fifth Schedule shall apply to a combined initial and outcome meeting.
Subject to subsection (10), the directors of the company shall attend the combined initial and outcome meeting, including any occasion to which the meeting is adjourned, but cannot be required to answer questions at the meeting.
A director need not attend the combined initial and outcome meeting where –
the director has a valid reason for not attending;
or
the administrator has, or the creditors by resolution have, excused the director from attending.
A director of the company attending the combined initial and outcome meeting shall for all or part of the remainder of the meeting, leave the meeting if the creditors, by resolution, decide that the director should do so.
An administrator who fails to comply with subsection (2), (5) or (6) commits an offence.
Part X
Compromises
Part XI
Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements
Part XII
Part XIII
Part XIV