Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part XI · Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements
286. Court Confi rmation of MSME Company Debt Restructuring Arrangement
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
Where the court receives a recommendation from the Official Receiver with respect to a MSME Company
Debt Restructuring Arrangement under section 285, the court shall consider the recommendation, together with any accompanying documentation.
When considering a recommendation under this section, the court shall be entitled to treat a certificate issued by the Official Receiver under section 285, as evidence of the matters certified therein.
The court shall, when considering a recommendation under this section, hear any objection to the recommendation that is made by a creditor, the MSME debtor or the personal insolvency proposer.
The court, where an objection has been made under subsection (3), or where it requires further information or evidence for the purpose of its arriving at a decision, may hold a hearing, notice shall be given to the Official Receiver, the personal insolvency proposer, the MSME debtor and the creditors of the said hearing.
Rescue, Rehabilitation and Insolvency
Having considered the recommendation, the court shall make an order confirming the coming into effect of the MSME Company Debt Restructuring Arrangement if it considers that-
the MSME Company Debt Restructuring
Arrangement satisfies the criteria in this Part; and
the making of the MSME Company Debt
Restructuring Arrangement has complied with the procedural requirements of this Part.
On confirming the coming into effect of the MSME
Company Debt Restructuring Arrangement, the court shall direct the Official Receiver to, in accordance with any manner as may be prescribed –
give public notice of the court order; and
send a copy of such notice to the Registrar and the Authority.
On the making an order confirming the MSME
Company Debt Restructuring Arrangement, the court shall direct the Official Receiver to give written notice to –
the MSME debtor, personal insolvency proposer and personal insolvency administrator of the issue of order and the coming into effect of the MSME
Company Debt Restructuring Arrangement;
each creditor of the MSME debtor of the issue of the order and the coming into effect of the MSME
Company Debt Restructuring Arrangement; and
each creditor of the rights of creditors to object to the MSME Company Debt Restructuring
Arrangement under section 288.
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Part XII
Part XIII
Part XIV