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srilawsby aturio
As enacted
Contents

Part IX

246. Remuneration of administrator and deed administrator

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

(1)

Subject to paragraph (a) of subsection (1) of section 262, an administrator shall be entitled to receive remuneration on one or more bases and at one or more hourly and percentage rates and fixed levels –

(a)

as may be agreed by the creditors, in such manner as may be prescribed; or

(b)

as may be determined by the court, in the absence of agreement by the creditors under paragraph (a).

(2)

Subject to paragraph (a) of subsection (1) of section 262, a deed administrator shall be entitled to receive remuneration on one or more bases and at one or more hourly and percentage rates and fixed levels –

(a)

as may be agreed by the creditors, in such manner as may be prescribed; or

(b)

as may be determined by the court, in the absence of agreement by the creditors under paragraph (a).

(3)

An administrator or deed administrator, as the case may be, shall, in addition to remuneration, be entitled to the reasonable costs of storage of such records as are required under subsection (3) of section 245 to be retained.

Rescue, Rehabilitation and Insolvency

Read on from s 247

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