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srilawsby aturio
As enacted
Contents

Part IX

258. Release of administrator or deed administrator

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

(1)

Where a person ceases to be an administrator or deed administrator, the person shall be released where –

(a)

(i)

notice has been given to each known creditor, in such manner and enclosing such documents as may be prescribed, of the release sought and explaining how creditors may object to it; and

(ii)

the creditors do not object in such manner and within such period as may be prescribed;

or

Rescue, Rehabilitation and Insolvency

(b)

after such procedure as may be prescribed has been followed, the court grants permission.

(2)

A release under subsection (1) shall discharge the person from all liability, except liability under section 419, in respect of any act, omission or decision of the person in the administration or deed administration, as the case may be, of the company.

(3)

Where a person has obtained a release under subsection (1), the person shall give written notice of the release to the

Authority within ten working days.

Read on from s 259

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