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srilawsby aturio
As enacted
Contents

Part IX

222. Release of third parties under a deed

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

(1)

On an application to court by the administrator, the court may order that a deed of company arrangement, if approved, shall release from liability one or more persons, including related companies and directors of the company, that are sufficiently connected with the deed.

(2)

In deciding whether or not a person is sufficiently connected with the deed of company arrangement for the purposes of subsection (1), the court shall have regard to –

(a)

whether or not the proposed release is an integral part of the deed;

Rescue, Rehabilitation and Insolvency

(b)

whether or not the person is contributing under the deed; and

(c)

whether or not, in the absence of a release, the person would have an indemnity claim against the company if called on.

Read on from s 223

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