Skip to content
Contents

Part XII

348. Duty of liquidator to report misfeasance

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

(1)

This section applies to a person who was a liquidator at the end of a liquidation.

(2)

As soon as practicable after performing all of the person’s other duties in relation to the liquidation, and in any event within twenty working days after the end of the liquidation, the person shall –

(a)

prepare a final report containing such information as may be prescribed and a statement that –

(i)

all of the property of the company as at the commencement of the liquidation has been realised, distributed or disclaimed;

Rescue, Rehabilitation and Insolvency

(ii)

the proceeds of realisation have been distributed to the extent practicable; and

(iii)

the company is to be dissolved;

(b)

in such manner as may be prescribed, send to each known creditor and contributory the documents referred to in paragraph (a); and

(c)

send a copy of the documents to the Registrar and

Authority.

(3)

Every person who fails to comply with this section commits an offence.

E - DISSOLUTION