Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part XI · Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements
291. Completion 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
A MSME Company Debt Restructuring
Arrangement shall be completed when all of the obligations that it created have been discharged, unless the Arrangement has been terminated earlier under section 290.
When an Arrangement is completed under subsection (1), the personal insolvency administrator shall, within twenty one days after the completion-
provide the MSME debtor with a certificate of completion; and
give written notice to the Official Receiver of the certificate of completion.
The certificate of completion shall be prima facie evidence of the facts stated in it.
Rescue, Rehabilitation and Insolvency
When a MSME Company Debt Restructuring
Arrangement is completed under subsection (1), except as provided below, the debts affected by the Arrangement shall be cancelled, and the MSME debtor shall not be liable to pay any part of the debts, including any penalties, interest shall and other sums which may have become payable in relation to those debts.
The completion of a MSME Company Debt
Restructuring Arrangement does not, except to the extent provided in the terms of the Arrangement-
release anyone else from a debt that it owes jointly with the MSME debtor; or
release a guarantor from the guarantee that the guarantor gave for the MSME debtor’s debt.
The completion of a MSME Company Debt
Restructuring Arrangement does not, except to the extent provided in the terms of the Arrangement, release the MSME debtor from liability under any hire-purchase agreement or secured debt.
When the Official Receiver receives the certificate of completion specified in subsection (2), the Official Receiver shall, within fourteen days of receipt of the certificate of completion-
give public notice of the court order; and
send a copy of such notice to the Registrar and the Authority.
For the avoidance of doubt, when a MSME Company
Debt Restructuring Arrangement has been completed under subsection (1), the MSME Company Debt Restructuring
Arrangement shall no longer be in effect, and the Moratorium on creditor remedies under section 287 shall cease to apply.
Rescue, Rehabilitation and Insolvency
Part XII
Part XIII
Part XIV