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Contents

Part IX

241. Duty of administrator to prepare accounts

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

(1)

An administrator or a person who was an administrator at the end of the administration, as the case may be, shall prepare an account for each of the following periods :–

(a)

the period of six months or a lesser period as the administrator may determine, immediately after the appointment of the administrator;

(b)

each subsequent period of six months during which the administrator holds office; and

(c)

the period between the last period of the kind referred to in paragraph (b) of subsection (1) and the day on which the administrator vacates office.

(2)

Within twenty working days after the end of the period in question referred to in subsection (1), the person shall –

(a)

in such manner as may be prescribed, send to each known creditor and shareholder the account referred to in subsection (1); and

(b)

send a copy of the account to the Registrar and

Authority.

(3)

The account referred to in subsection (1) shall be in such form as may be prescribed and shall –

(a)

show, for each period, the administrator’s receipts and payments;

(b)

show, for each period except the first, the aggregate of the administrator’s receipts and payments since the day on which the administrator was appointed; and

(c)

except in the case of the account referred to in paragraph (c) of subsection (1), contain an updated interests statement, signed by the administrator, that complies with section 30.

Rescue, Rehabilitation and Insolvency

(4)

Every person who fails to comply with this section commits an offence.

(5)

This section shall, if prescribed, apply to deed administrators with the necessary modifications.

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