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As enacted
Contents

Part IX

263. Court’s general power in administration and deed administration

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

(1)

On the application of a person referred to in subsection (2), the court may make any order that it considers necessary regarding the manner in which the provisions of this Part are to be applied in relation to a particular company.

(2)

Any of the following persons may make an application to the court under subsection (1) –

(a)

the administrator or a person to be appointed as administrator;

(b)

the deed administrator or a person to be appointed as deed administrator;

(c)

a liquidator or provisional liquidator;

(d)

a receiver;

(e)

a creditor;

(f)

with the permission of the court, any other person with an interest in the company;

(g)

the Registrar;

(h)

the Authority; or

(i)

with the permission of the court, any other interested person.

(3)

In an order under subsection (1), the court may end an administration where it is satisfied that the administration shall be required to end as –

(a)

the provisions of this Part have been materially or adversely being dealt with; or

(b)

for some other reason, it is just and equitable that the administration end.

Rescue, Rehabilitation and Insolvency

(4)

A copy of every order made under subsection (3) shall, within five working days after the making of the order, be sent by the court to the Registrar and Authority.

(5)

In making an order under subsection (1), the court may, where necessary –

(a)

impose any term or condition; and

(b)

make any other ancillary order.

Read on from s 264

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