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As enacted
Contents

Part XII

331. Liquidator’s notice that receivership or appointment of appointee shall end

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

(1)

A liquidator may require a receivership or appointment of an appointee to end by giving written notice, in such form as may be prescribed, to the receiver or appointee, as the case may be.

(2)

The receivership or appointment of the appointee, as the case may be, ends at the close of the next working day after the giving of notice under subsection (1).

(3)

As soon as practicable after receiving a notice under subsection (1) and in any event by the end of the receivership or of the appointment of the appointee, the receiver or appointee, as the case may be, shall cease to deal with the property in receivership or in respect of which the appointee was appointed.

(4)

After a receiver receives a notice under subsection (1) –

(a)

the receiver shall not be required to take any further steps under paragraph (2) of section 382;

(b)

paragraph (b) of subsection (4) of section 385

or paragraph (b) of subsection (4) of section 386 as the case may be, ceases to apply, but any distributions already made thereunder shall not be disturbed on that ground; and

(c)

for the purposes of the Fourth Schedule, the costs, charges and expenses properly incurred by and

Rescue, Rehabilitation and Insolvency the remuneration of the receiver under this Act, and the receiver’s indemnity under section 395, shall be treated as an expense of the liquidation.

Read on from s 332

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