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Contents

Part IX

254. Removal of administrator from offi ce by creditors

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

(1)

Subject to subsection (2) and to the applicable provisions of this Act, an administrator may be removed from office by a resolution of creditors adopted at –

(a)

an initial meeting or a combined initial and outcome meeting; or

(b)

a meeting of creditors convened under section 255.

(2)

An administrator may not be removed by a resolution of creditors unless –

(a)

the creditors, by resolution, appoint as replacement administrator another person, where the appointment of that other person –

Rescue, Rehabilitation and Insolvency

(i)

takes effect upon the removal; and

(ii)

is not in contravention of section 181; and

(b)

that other person has tabled at a meeting referred to in paragraph (a) or (b) of subsection (1) –

(i)

the written certification specified in paragraph (c) of subsection (1) of section 181;

(ii)

the written consent specified in paragraph (d) of subsection (1) of section 181; and

(iii)

an interests statement, signed by the person, that complies with section 30.

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