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srilawsby aturio
As enacted
Contents

Part IX

251. Relief from liability in the event of a defect

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

(1)

The court may relieve a person who has acted as an administrator or deed administrator from liability incurred in the course of the administration or deed administration, as the case may be where the court is satisfied that –

(a)

the liability was incurred solely by reason of a defect in the order or resolution appointing the administrator or deed administrator, as the case may be; and

(b)

the administrator or deed administrator, as the case may be, acted honestly and reasonably and

Rescue, Rehabilitation and Insolvency should in the circumstances be exempted from liability.

(2)

The court may exercise its powers under subsection (1) subject to such terms and conditions as necessary.

CHAPTER 11

Administration and Deed

Administration - Miscellaneous

Read on from s 252

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