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

294. Personal Insolvency Administrators: MSME Company Debt Restructuring Arrangements

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

(1)

A personal insolvency administrator, when performing the functions of a personal insolvency administrator under this Part-

(a)

shall not act as an agent of the MSME debtor;

Rescue, Rehabilitation and Insolvency

(b)

is not an agent of any creditor or creditors;

(c)

shall engage in the personal insolvency administrator’s professional capacity with the

MSME debtor and creditors to put the MSME

Company Debt Restructuring Arrangement into effect; and

(d)

shall exercise ones professional independent judgment, having regard to the provisions in this

Act and any regulation, rules, standards, codes of conduct, practice directions or guidelines, made by the Authority under section 4.

(2)

A person may serve as a personal insolvency administrator under this Part only if the person-

(a)

is qualified under section 12 to be appointed and act as a key office holder with respect to the Debt

Restructuring Arrangement;

(b)

has certified in writing that the person is qualified under section 12 to be appointed and act as a key office holder with respect to the MSME Company

Debt Restructuring Arrangement; and

(c)

has consented in writing to the appointment as a personal insolvency administrator and has not withdrawn consent at the time of appointment.

(3)

A person who, with the person’s consent, is appointed or acts as a personal insolvency administrator knowing that any of the requirements of paragraphs (a) and (b) of subsection (2) has not been met, commits an offence and shall be liable on conviction to a fine not less than five hundred thousand rupees and not exceeding two million rupees or to rigorous imprisonment for a term not exceeding three years or to both such fine and imprisonment.

Rescue, Rehabilitation and Insolvency

Read on from s 295

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