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srilawsby aturio
As enacted
Contents

Part XII

354. Relief from liability in the event of a defect

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

(1)

The court may relieve a person who has acted as a liquidator, provisional liquidator or special manager from liability incurred in the course of the liquidation or provisional liquidation, as the case may be, where the court is satisfied that –

(a)

the liability was incurred solely by reason of a defect in the resolution or order appointing the liquidator, provisional liquidator or special manager, as the case may be; and

(b)

the liquidator, provisional liquidator or special manager, as the case may be, acted honestly and reasonably and should in the circumstances be exempted from liability.

(2)

The court may exercise its powers under subsection (1) subject to such terms and conditions as may be necessary.

CHAPTER 9

Liquidation – Miscellaneous

Read on from s 355

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