Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part XI · Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements
283. MSME Company Debt Restructuring Arrangement: Negotiation Meeting
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
After submitting the proposal to the Official
Receiver under section 282, the personal insolvency proposer shall seek a decision from the MSME debtor’s creditors as to whether they approve the proposal for a MSME Company
Debt Restructuring Arrangement.
Rescue, Rehabilitation and Insolvency
The decision by the MSME debtor’s creditors to approve or reject the proposal shall be made by an MSME
Company Debt Restructuring Arrangement negotiation meeting.
The personal insolvency proposer shall consider the convenience of creditors and the MSME debtor in fixing the date and venue for the negotiation meeting, which may take place in-person or via digital communication means.
The personal insolvency proposer shall send to every known creditor -
notice of the negotiation meeting;
a copy of the proposal for an MSME Company
Debt Restructuring Arrangement;
a creditor’s claim form;
a postal vote form and electronic mail vote template;
a statement asking each creditor to decide whether it approves or rejects the proposed MSME
Company Debt Restructuring Arrangement;
a statement of the date on which the negotiation meeting will be held, that date being at least twenty one days after the sending of the statement; and
a statement to the effect that a creditor who does not attend the negotiation meeting or does not cast a postal vote or electronic mail vote, shall be deemed to have accepted the proposal for an MSME Company Debt Restructuring
Arrangement.
Rescue, Rehabilitation and Insolvency
A creditor who has submitted a creditor’s claim form, in a manner satisfying such requirements as may be prescribed, may vote on the proposal by-
sending a postal vote that reaches the personal insolvency proposer before or at the negotiation meeting; or
sending an electronic mail vote that reaches the personal insolvency proposer before or at the negotiation meeting.
If the personal insolvency proposer receives a postal vote or other communication of assent or dissent as prescribed, before or at the meeting, this vote or communication has effect as if the creditor had been present and voted at the meeting.
Part XII
Part XIII
Part XIV