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srilawsby aturio
As enacted
Contents

Part IX

248. Administrator’s indemnity

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

(1)

An administrator shall have an indemnity out of the company’s property, in respect of –

(a)

the administrator’s liability under sections 249

and 250;

(b)

liability of the administrator otherwise properly incurred in the exercise, performance and discharge of the administrator’s powers, duties and functions; and

(c)

the remuneration of the administrator under section 246 (1).

(2)

In a liquidation of the company, an administrator’s indemnity under subsection (1) has the priority accorded to the costs, charges and expenses properly incurred by and the remuneration of the administrator under sub-paragraphs (b)

and (c) of paragraph 1 of the Fourth Schedule with respect to the corresponding elements of those sub-paragraphs.

(3)

An administrator shall have a lien on the company’s property to secure the indemnity under subsection (1).

Rescue, Rehabilitation and Insolvency

(4)

A lien under subsection (3) has priority over an encumbrance to the extent that the indemnity under subsection (1) has priority over debts, liabilities and other obligations secured by the encumbrance.

Read on from s 249

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