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srilawsby aturio
As enacted
Contents

Part XII

313. Disqualifi cations from being appointed or acting as a liquidator

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

(1)

Other than the Official Receiver, the following persons and their related parties are disqualified from being appointed or acting as a liquidator of a company –

(a)

a person who is or who has within the period of two years immediately preceding the date of commencement of the liquidation been a creditor of the company, except as an administrator of the company;

(b)

a person who is or who has within the period of two years immediately preceding the date of commencement of the liquidation been a director or other officer or an auditor or employee of the company or of a related company;

(c)

a person who has or who has had within the period of two years immediately preceding the date of commencement of the liquidation –

(i)

a direct interest in a share issued by the company or by a related company; or

(ii)

an indirect interest in five percent or more of any class of shares issued by the company or by a related company; or

(d)

a person who is or has been a receiver of property or appointee in respect of property of the company within the period of three years immediately preceding the date of commencement of the liquidation.

Rescue, Rehabilitation and Insolvency

(2)

A person who is appointed or acts as a liquidator when disqualified under subsection (1) commits an offence.

Read on from s 314

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