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srilawsby aturio
As enacted
Contents

Part XII

353. Remuneration of liquidator other than the Offi cial Receiver

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

(1)

Subject to paragraph (b) of subsection (1) of section 361, a liquidator other than the Official Receiver shall be entitled to receive remuneration on one or more bases and at one or more hourly and percentage rates and fixed levels –

(a)

where section 302 applies to the company, as may be agreed by the shareholders, in such manner as may be prescribed;

(b)

where section 302 does not apply to the company, as may be agreed by the creditors, in such manner as may be prescribed; or

(c)

as may be determined by the court, in the absence of agreement by the shareholders or creditors under the preceding paragraphs of this subsection.

(2)

A liquidator other than the Official Receiver shall, in addition to remuneration, be entitled to the reasonable costs of storage of such records as are required under subsection (3) of section 351 to be retained.

Rescue, Rehabilitation and Insolvency

CHAPTER 8

Liability of Liquidator, Provisional Liquidator and

Special Manager

Read on from s 354

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