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Contents

Part XII

299. Restriction on appointment of liquidator by the company or board

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

Where an application under paragraph (c) of subsection (2) of section 298 has been made and served on the company, and is pending, a liquidator may not be appointed under paragraph (a) or (b) of subsection (2) of section 298 except –

(a)

if the appointment is made within seven working days after the application is served on the company;

(b)

if the application was made by a creditor under paragraph (c) of subsection (2) of section 298, with the prior, written consent of that creditor;

(c)

with the permission of the court; or

(d)

as a replacement liquidator to fill a vacancy in the office of liquidator, where the previous liquidator was appointed in accordance with –

(i)

one of the preceding paragraphs of this subsection; or

(ii)

this paragraph.