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srilawsby aturio
As enacted
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Part XI · Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements

279. MSME Company Debt Restructuring Arrangements: Mandatory Provisions

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

(1)

A MSME Company Debt Restructuring

Arrangement shall authorise a person, firm or body to act as a personal insolvency administrator in relation to the arrangement, in terms of section 294.

(2)

A MSME Company Debt Restructuring Arrangement shall provide for the payment, before any other debts are paid, of the fees and expenses of the personal insolvency proposer and personal insolvency administrator, that are properly incurred in respect of the Arrangement.

(3)

A MSME Company Debt Restructuring Arrangement shall not provide for a preferential claim to be paid otherwise than in priority to -

Rescue, Rehabilitation and Insolvency

(a)

a preferential claim ranking behind that preferential claim; or

(b)

a claim that is not a preferential claim, unless the holder of the preferential claim gives consent in writing to a different treatment of such claim.

(4)

A MSME Company Debt Restructuring Arrangement shall provide that the circumstances of the MSME debtor be reviewed by the personal insolvency administrator at regular intervals, not exceeding intervals of six months.

Read on from s 280

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