Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part XII
321. Duties of Fiscal 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
This section applies to an execution process against property of a company in liquidation that was levied but not completed within the meaning of subsection (2) of section 320 before the commencement of the liquidation.
Notwithstanding any other enactment, subject to subsection (3) and unless the court orders otherwise on the application of the execution creditor, a Fiscal shall, as soon as practicable after the liquidation commences –
deliver to the liquidator any property of the company that is in or comes into the Fiscal’s possession or custody or under the Fiscal’s control as a result of the execution process; and
cause the liquidator to be paid –
any proceeds of realisation of property of the company under the execution process;
any money of the company received or seized under the execution process; and
any money paid to avoid seizure or sale of property of the company under the execution process, where such proceeds or money are in or come into the
Fiscal’s possession or custody or under the Fiscal’s control or have been paid into court (and have not already been paid out).
The Fiscal may retain or cause to be retained –
from the property delivered under paragraph (a)
of subsection (1), property of a value that the
Fiscal may reasonably determine to represent the costs of the execution process or attachment as the case may be, incurred by the Fiscal; or
Rescue, Rehabilitation and Insolvency
from proceeds or money paid under paragraph (b) of subsection (1), the costs of the execution process or attachment as the case may be, incurred by the Fiscal.
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