Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part I
3. Establishment of the Insolvency Regulatory Authority
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
There shall be established an Authority which shall be called and known as the “Insolvency Regulatory
Authority ” (in this Act referred to as the “Authority”) to exercise, perform and discharge the powers, duties and functions specified in this Act.
The Authority shall be a body corporate having perpetual succession and a common seal and may sue and be sued in its corporate name.
The members of the Authority shall consist of –
the following ex-officio members namely-Rescue, Rehabilitation and Insolvency
the Secretary to the Ministry of the Minister assigned the subject of Finance or his nominee not below the rank of Deputy
Secretary to the Treasury;
the Secretary to the Ministry of the Minister assigned the subject of Justice or his nominee not below the rank of an Additional
Secretary;
the Secretary to the Ministry of the Minister assigned the subject of Trade or Commerce or his nominee not below the rank of an
Additional Secretary;
the Registrar of Companies or his nominee not below the rank of an Additional Registrar of Companies;
the Director-General of Securities and
Exchange Sri Lanka appointed under section 19 of the Securities and Exchange
Commission Act, No. 19 of 2021 or his nominee not below the rank of Deputy
Director-General;
the
Commissioner-General of
Inland
Revenue appointed under section 97 of the Inland Revenue Act, No. 24 of 2017 or his nominee not below the rank of Deputy
Commissioner-General;
the Governor of the Central Bank appointed under section 14 of the Central Bank Act,
No. 16 of 2023 or his nominee not below the rank of an Assistant Governor; and
two members, each nominated by the Board of the Ceylon Chamber of Commerce established under the Chamber of Commerce
Rescue, Rehabilitation and Insolvency
Ordinance (Chapter 289) and the Board of the National Chamber of Commerce, respectively; and
five other members appointed under subsection (5) (in this Act referred to as the “appointed members”), from among the persons below the age of seventy years and having distinguished themselves with proven knowledge, experience and eminence in the fields of taxation, accountancy, banking, information technology, civil, commercial or corporate law and who shall be competent, honest, of high morality and of good repute.
The Constitutional Council shall, within one month from the date of coming into operation of this Act, call for applications for the appointment of the appointed members by publishing a notice -
in the Gazette; and
on the official website of the Parliament.
The Constitutional Council in respect of a future vacancy in the appointed members shall, within one month from being informed of such vacancy in writing, call for applications for the appointment of the appointed members by publishing a notice -
in the Gazette; and
on the official website of the Parliament.
Upon receipt of the applications under subsection (4), the
Constitutional
Council shall forward its recommendations of the persons to be appointed to the
President. The President shall proceed to appoint the persons so recommended, one of whom shall be the Chairperson of the Authority.
Rescue, Rehabilitation and Insolvency
The provisions relating to appointed members of the
Authority and such other provisions as are necessary for the proper implementation of the affairs of the Authority shall be as set out in the First Schedule.
The appointed members of the Authority shall be paid a remuneration in such manner and at such rates as may be determined by the Minister, from time to time, with the concurrence of the Minister assigned the subject of Finance, and such remuneration shall not be diminished during their term of Office.
Part II
Personal Insolvency: Principles
Part III
Debt Protection Moratorium Order
Part IV
Debt Restructuring Arrangements
Part V
Debt Rehabilitation Orders
Part VI
Part VII
Personal Insolvency Register
Part VIII
Part IX
Part X
Compromises
Part XI
Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements
Part XII
Part XIII
Part XIV