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srilawsby aturio
As enacted
Contents

Part IX

238. Duty of administrator to investigate company’s aff airs

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

As soon as practicable after the administration of a company commences, an administrator shall –

(a)

investigate the company’s affairs;

(b)

consider whether the company may have been a party to a voidable transaction or a transaction at an undervalue, and determine in respect of possible voidable transactions and transactions at an undervalue whether or not it would be in the creditors’ interests –

(i)

to carry out investigations in relation to them; and

Rescue, Rehabilitation and Insolvency

(ii)

to apply to the court under section 415 and to seek recovery under section 418; and

(c)

form an opinion as to whether it would be in the creditors’ interests for –

(i)

the company to make a deed of company arrangement;

(ii)

a liquidator to be appointed; or

(iii)

the administration to end otherwise.

B-DUTIES TO REPORT

Read on from s 239

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