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Contents

Part X · Compromises

275. Costs of compromise

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

Unless the court orders otherwise, the costs incurred in organising and conducting a meeting of creditors for the purpose of voting on a proposed compromise –

(a)

shall be met by the company;

(b)

if incurred by a liquidator, shall be deemed to be an expense of the liquidation;

(c)

if incurred by an administrator, shall be deemed to be an expense of the administration; or

(d)

if incurred by any other person, shall be deemed to be a debt owing to that person from the company and, in a liquidation, are payable in the order of priority specified in the Fourth Schedule.

Rescue, Rehabilitation and Insolvency

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