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As enacted
Contents

Part IX

240. Duty of administrator to report off ence committed

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 the company or any involved party has committed an offence under –

(a)

this Act;

(b)

the Companies Act; or

(c)

the Securities and Exchange Commission of

Sri Lanka Act, No. 19 of 2021, the administrator shall, as soon as practicable report the matter to the Registrar and Authority.

(2)

The Registrar and Authority shall refer a matter reported under subsection (1) to the appropriate law enforcement authority.

(3)

In any case where an administrator makes a report on a matter under subsection (1) that is reported to a law enforcement authority under subsection (2), the administrator shall give to the authority such assistance as the authority may require by way of –

(a)

provision of information;

(b)

access to documents; and

(c)

facilities for inspecting and copying documents.

(4)

Nothing in this section shall –

(a)

impose any duty on an administrator to investigate whether any offence of a kind referred to in subsection (1) has been committed; or

(b)

affect or limit any duty imposed on an administrator under any other enactment.

(5)

An administrator who fails to comply with subsection (1) or subsection (3) commits an offence.

Rescue, Rehabilitation and Insolvency

Read on from s 241

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