Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part XII
304. Appointment of provisional liquidator
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 an application is made under paragraph (c) of subsection (2) of section 298, the court may appoint the Official Receiver as the provisional liquidator, where the court –
considers that it is likely that an order for the appointment of a liquidator will be made when the application is heard; and
is satisfied on cogent evidence that property of the company is or affairs of the company are in serious jeopardy pending the determination of the application.
In an order under subsection (1), the court shall record the date on which, and the time at which, the order is made.
The provisional liquidation of a company commences on the day on which, and at the time at which, the appointment of a provisional liquidator takes effect under subsection (4).
Rescue, Rehabilitation and Insolvency
The appointment of a provisional liquidator takes effect on the day on which, and at the time at which, an order under subsection (1) is made.
A provisional liquidator shall, as soon as practicable and in any event within five working days after being appointed, give notice of the appointment to such persons and in such manner, as may be prescribed.
The appointment of a provisional liquidator –
may be terminated by the court on the application of –
the provisional liquidator; or
a person specified in paragraph (c) of subsection (2) of section 298;
shall terminate upon –
the making of an order for the appointment of a liquidator; or
the refusal by the court of an application, under paragraph (c) of subsection (2) of section 298.
In making an order under subsection (6) the court may, as may be necessary, make any other ancillary order.
Within five working days after the appointment of a liquidator, the appointment of the provisional liquidator shall terminate. The provisional liquidator shall give notice of the termination to such persons and in such manner as may be prescribed.
Where the appointment of a provisional liquidator terminates under subparagraph (i) of paragraph (b) of subsection (6), the provisional liquidator shall forthwith do all that is necessary to put the liquidator in control of the affairs, business and property of the company.
Rescue, Rehabilitation and Insolvency
Part XIII
Part XIV