Skip to content
srilawsby aturio
As enacted
Contents

Part XII

306. Liquidator to convene meeting of creditors

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

(1)

A liquidator shall hold a meeting of creditors –

(a)

where section 302 does not apply to the company, within ten working days after the liquidation commences; or

(b)

where section 302 ceases to apply to the company, within ten working days after that cessation.

(2)

The following business shall be conducted at the meeting :–

(a)

consideration by creditors of the documents tabled at the meeting;

(b)

a resolution of creditors on whether or not the liquidator should be replaced; and

(c)

if the liquidator is seeking to establish a liquidation creditors’ committee, one or more resolutions of creditors on –

(i)

whether or not to establish such a committee under section 308; and

(ii)

if such a committee is to be established, who are to be appointed as members of that committee.

(3)

The liquidator shall table at the meeting –

Rescue, Rehabilitation and Insolvency

(a)

a statement to the effect that the conduct and performance of Insolvency Practitioners is monitored by the Authority and providing contact details of the Authority;

(b)

the written certification specified in paragraph (c)

of subsection (1) of section 312;

(c)

the written consent specified in paragraph (d) of subsection (1) of section 312;

(d)

an interests statement, signed by the liquidator, that complies with section 30; and

(e)

the basis or bases and, as applicable, the hourly and percentage rate or rates, and fixed level or levels, of the liquidator's proposed remuneration.

(4)

At least seven working days before the meeting is required under subsection (2) to be held, the liquidator shall convene the meeting by –

(a)

giving written notice of the meeting to as many of the company’s creditors as is reasonably practicable; and

(b)

giving public notice of the meeting.

(5)

A notice under paragraph (a) of subsection (4) shall –

(a)

state that a liquidator has been appointed;

(b)

state the following :–

(i)

the liquidator’s full name;

(ii)

the date of the appointment;

Rescue, Rehabilitation and Insolvency

(iii)

the identity of the appointer of the liquidator and, where the appointer was the court, the identity of the person on whose application the appointment was made; and

(iv)

the liquidator’s office address and contact number to which, during normal working hours, inquiries may be directed;

(c)

specify –

(i)

the documents to be tabled at the meeting;

and

(ii)

the business to be conducted at the meeting;

and

(d)

summarise the matters referred to in section 308

and, if the liquidator is seeking to establish a liquidation creditors’ committee, the liquidator may invite nominations for membership of such a committee.

(6)

The Fifth Schedule shall apply to a meeting referred to in subsection (2).

(7)

Within two working days after the holding of the meeting, the liquidator shall send –

(a)

a copy of the statement referred to in paragraph (a) of subsection (3);

(b)

a copy of the interests statement referred to in paragraph (d) of subsection (3); and

(c)

a copy of the notice referred to in paragraph (a)

of subsection (4), to the Registrar and Authority.

Rescue, Rehabilitation and Insolvency

(8)

A liquidator who fails to comply with subsection (1), (3), (4), (5) or (7) commits an offence.

Read on from s 307

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