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srilawsby aturio
As enacted
Contents

Part IX

239. Duty of administrator to report misfeasance

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

(1)

Where an administrator believes, or has reasonable grounds to believe, that an involved party has misapplied or retained or become liable or accountable for money or other property of the company, or been found guilty of negligence, default or breach of duty or trust in relation to the company, the administrator shall as soon as practicable report the matter to the Registrar and Authority.

(2)

In any case where an administrator makes a report under subsection (1), the administrator shall give to the

Registrar and Authority such assistance as the Registrar or

Authority, as the case may be, may reasonably request by way of –

(a)

provision of information;

(b)

access to documents; and

(c)

facilities for inspecting and copying documents.

(3)

An administrator who fails to comply with subsection (1) or subsection (2) commits an offence.

Rescue, Rehabilitation and Insolvency

Read on from s 240

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