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srilawsby aturio
As enacted
Contents

Part IX

267. Protection of interests of creditors and shareholders

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

(1)

At any time during an administration or deed administration, but subject to subsection (3), a creditor or shareholder of a company or the Authority may apply to the court for an order under this section on the ground that –

(a)

the company’s affairs, business or property are being or have been administered by the administrator or deed administrator in a manner that is unfairly prejudicial to, or unfairly discriminatory against, one or more of the creditors and shareholders; or

(b)

any actual or proposed act or omission of the administrator or deed administrator is or would be unfairly prejudicial to, or unfairly discriminatory against, one or more of the creditors and shareholders.

Rescue, Rehabilitation and Insolvency

(2)

On an application under this section, the court may, where it considers it just and equitable to do so and subject to subsection (3), make such order as may be necessary, including an order –

(a)

regulating the future administration by the administrator or deed administrator of the company’s affairs, business and property; or

(b)

requiring the administrator or deed administrator to refrain from either doing or continuing an act complained of by the applicant or to do an act that the applicant complains that the administrator or deed administrator, as the case may be, has omitted to do.

(3)

Any complaint as to the terms of –

(a)

a deed of company arrangement (actual or proposed) under Chapter 6 of Part IX; or

(b)

a compromise (actual or proposed) under Part X, shall not be made under this section, but may be made under other provisions of this Act where permitted by those provisions.

Read on from s 268

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