Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part XII
347. Duty of liquidator to prepare misfeasance
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
A liquidator or a person who was a liquidator at the end of the liquidation, as the case may be, shall prepare an account for each of the following periods :–
the period of six months or a lesser period as the liquidator may determine, immediately after the appointment of the liquidator;
each subsequent period of six months during which the liquidator holds office; and
the period between the last period of the kind referred to in paragraph (b) of subsection (1) and the day on which the liquidator vacates office.
Within twenty working days after the end of the period in question referred to in subsection (1), the person shall –
in such manner as may be prescribed, send to each known creditor and contributory the account referred to in subsection (1); and
send a copy of the account to the Registrar and
Authority.
Rescue, Rehabilitation and Insolvency
The account referred to in subsection (1) shall be in such form as may be prescribed and shall –
show, for each period, the liquidator’s receipts and payments;
show, for each period except the first, the aggregate of the liquidator’s receipts and payments since the day on which the liquidator was appointed; and
where the Official Receiver is not the liquidator and except in the case of the account referred to in paragraph (c) of subsection (1), contain an updated interests statement, signed by the liquidator, that complies with section 30.
Where a special manager has been appointed under subsection (1) of section 358 the person shall include the special manager’s account or accounts in the corresponding account or accounts referred to in subsection (1).
Every person who fails to comply with this section commits an offence.
Part XIII
Part XIV