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Contents

Part IX

226. Who may be appointed and act as deed administrator

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

(1)

A person may not be appointed or act as deed administrator of a company unless –

(a)

the person has consented in writing to the appointment and has not withdrawn the consent at the time of appointment;

(b)

the person is not prohibited either under section 213 of the Companies Act, or by an order made under section 214 of the Companies Act, from being appointed or acting as an office holder;

(c)

the person complies with such other requirements as may be prescribed; and

(d)

with respect to the person –

(i)

the written consent specified in paragraph (a);

(ii)

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

Rescue, Rehabilitation and Insolvency

(iii)

such other documents as may be prescribed, have been tabled at an initial meeting, outcome meeting, combined initial and outcome meeting or other meeting of creditors.

(2)

A person who, with the person’s consent, is appointed or acts as a deed administrator of a company knowing that any of the requirements of paragraphs (b), (c) and (d) of subsection (1) has not been met, 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