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As enacted
Contents

Part IX

225. Deed administrator

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

(1)

Where the administrator is not the same person as the deed administrator –

(a)

the administrator shall, forthwith after the deed of company arrangement is made, do all that is necessary to put the deed administrator in control of the affairs, business and property of the company that are subject to the deed;

and

(b)

the deed administrator shall, as soon as practicable after taking control of such affairs, business and property, discharge any balance due to the administrator in respect of –

Rescue, Rehabilitation and Insolvency

(i)

costs, charges and expenses properly incurred by and the remuneration of the administrator under this Act; and

(ii)

liability indemnified under paragraphs (a)

and (b) of subsection (1) of section 248.

(2)

The administrator shall have a lien on the property of the company subject to the deed of company arrangement, in respect of any sums comprising the balance referred to in paragraph (b) of subsection (1).

(3)

A lien under subsection (2) shall have priority, over an encumbrance as accorded to a lien under subsection (3) of section 248.

Read on from s 226

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