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srilawsby aturio
As enacted
Contents

Part IX

255. Replacement administrator

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

(1)

A replacement administrator, unless appointed by the creditors under paragraph (a) of subsection (2) of section 254 by the court, shall within ten working days after the appointment hold a meeting of creditors at which the creditors may –

(a)

vote to remove the replacement administrator;

and

(b)

appoint another person in the place of the replacement administrator.

(2)

At least seven working days before the meeting referred to in subsection (1), the replacement administrator shall –

(a)

convene the meeting by –

(i)

giving written notice of the meeting to as many of the company’s creditors as is reasonably practicable; and

(ii)

giving public notice of the meeting; and

Rescue, Rehabilitation and Insolvency

(b)

send a copy of the notice referred to in sub-paragraph (i) of of paragraph (a) of subsection (2) to the Registrar and Authority.

(3)

The replacement administrator shall table at the meeting referred to in subsection (1) an interests statement, signed by the replacement administrator, that complies with section 30.

(4)

The Fifth Schedule shall apply to a meeting referred to in subsection (1).

(5)

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

Read on from s 256

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