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srilawsby aturio
As enacted
Contents

Part XII

320. No benefi t of execution or other process unless it has been completed before

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

(1)

Subject to subsection (2), a creditor shall not be entitled to the benefit of any execution or other legal process or distress against a company in liquidation or any of its property unless the execution or other legal process or distress was completed before the commencement of the liquidation, except with the permission of the court on such terms and conditions as may be necessary.

(2)

For the purposes of subsection (1) –

(a)

an execution against movable or immovable property shall be completed by seizure, or the entry into possession of a receiver or appointee or a person charged with execution, and a completed sale; and

(b)

an attachment of a debt shall be completed by the satisfaction of the debt.

(3)

A person who acquires property of the company in good faith –

(a)

from a Fiscal charged with an execution process;

or

(b)

on which distress has been levied, acquires good title as against the company and liquidator.

(4)

Nothing in this section shall affect or limit the application of sections 412 to 419.

Rescue, Rehabilitation and Insolvency

Read on from s 321

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