Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part XII
305. Directors’ statement in liquidation
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
In such circumstances as may be prescribed, this section shall not apply.
Within five working days after the liquidation of a company commences, or within any period of extension under subsection (4), the directors of the company shall provide to the liquidator a full statement about the affairs, business, property and financial circumstances of the company, showing as at the latest practicable date before the provision of the statement –
the particulars of its property, including any inventory of stock and the total amount expected to be realised therefrom;
the debts and other liabilities of the company;
the name and address of each of its creditors;
the encumbrance or encumbrances (if any) held by each creditor; and
the date on which each encumbrance was created.
The statement in subsection (2) shall be supported by affidavit by the directors of the company, or by such of the following persons as the liquidator may reasonably request –
a person other than a director who is or has been an officer of the company;
a person who has taken part in the formation, promotion or management of the company at any time within the period of twelve months immediately preceding the date of commencement of the liquidation; or
a person who is or has been within that period a director or other officer of or in the employment
Rescue, Rehabilitation and Insolvency of a body corporate that is, or within that period was, a director or other officer of the company to which the statement relates.
The liquidator or the court may extend the time limit for the provision of a statement under subsection (2).
If a person fails to comply with subsection (2) or subsection (3), that person commits an offence.
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