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srilawsby aturio
As enacted
Contents

Part XII

318. No commencement or continuation of proceedings during liquidation

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

(1)

During the liquidation of a company, no formal proceeding against the company or any of its property shall be commenced or continued, except with –

(a)

the prior, written consent of the liquidator; or

(b)

the permission of the court on such terms and conditions as necessary.

(2)

For the purposes of subsection (1), “formal proceeding”

includes –

(a)

any legal proceeding; and

(b)

any mediation or arbitral process or other formal adversarial process.

(3)

The liquidator shall not be liable in damages for declining to give consent under paragraph (a) of subsection (1).

Read on from s 319

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