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srilawsby aturio
As enacted
Contents

Part XII

337. Liquidator not required to act in certain cases

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

(1)

This section applies notwithstanding any other provisions of this Part.

(2)

Except where paragraph (a), (b) or (d) of subsection (1) of section 333 applies, a liquidator shall not be required to perform or exercise any function or power in relation to property that is subject to a fixed security.

(3)

Where all of the following apply :–

(a)

a liquidator is appointed by an order made under paragraph (c) of subsection (2) of section 298;

Rescue, Rehabilitation and Insolvency

(b)

the Official Receiver shall not be the liquidator;

and

(c)

the company is an assetless company, the liquidator is not required to discharge any duty or exercise any power in connection with the liquidation if to do so would, or would be likely to, involve incurring any expense.

Read on from s 338

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