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Part II · Personal Insolvency: Principles

35. Contributions and entitlements under provident funds, employees trust funds, pensions and statutory gratuities

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

(1)

Contributions, entitlements, or amounts payable under any provident fund, employees trust fund, pension established for the benefit of employees in any employment or statutory gratuity —

(a)

shall constitute protected property; and

(b)

shall not constitute after-acquired property under this Act.

(2)

For the purposes of this Act, amounts paid in respect of a debtor by an employer of the debtor under any provident fund, employees trust fund or pension established for the benefit of employees, or statutory gratuity —

Rescue, Rehabilitation and Insolvency

(a)

shall not constitute after-acquired property under this Act; and

(b)

shall not constitute income of the debtor.

(3)

Where a debtor who is a party to a personal insolvency procedure is in receipt of payments under any provident fund, employees trust fund or pension established for the benefit of employees, these payments shall not constitute after-acquired property, but shall constitute income for the purposes of —

(a)

establishing terms of a Debt Restructuring

Arrangement under section 47; and

(b)

the making of a Bankruptcy Debt Repayment

Order or Bankruptcy Debt Repayment Agreement under section 125 and section 126, respectively.

(4)

Nothing in this section shall remove the obligation of a debtor under a personal insolvency procedure to make full disclosure of property in a statement of the debtor’s financial affairs.

Part III

Debt Protection Moratorium Order

Part IV

Debt Restructuring Arrangements

Part V

Debt Rehabilitation Orders

Part VI

Part VII

Personal Insolvency Register

Part VIII

Part IX

Part X

Compromises

Part XI

Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements

Part XII

Part XIII

Part XIV

Cross - Border Insolvency

Part XV

Part XVI

Part XVII

Schedules