Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part XII
356. Vacancy in the offi ce of liquidator
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
The office of liquidator shall become vacant if the person holding that office –
resigns office under subsection (2);
dies;
is removed from office by the court;
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has ones registration as an Insolvency Practitioner been suspended or cancelled; or
sends a final report under section 348.
A liquidator may resign office by giving five working days’ written notice in such manner as may be prescribed, and the liquidator’s intention to resign, is conveyed to –
the liquidator’s appointer and, where the appointer was the court, the person on whose application the appointment was made; and
the creditors.
The appointer of a liquidator may appoint a replacement liquidator to fill a vacancy in the office of liquidator, subject to –
any order of the court; and
the requirements under this Part applicable to the appointment of a liquidator.
On the application of a person referred to in subsection (5), the court may make an order where for any reason the office of liquidator is vacant –
appointing a suitable replacement liquidator; or
specifying a process for the appointment of a suitable replacement liquidator.
Any of the following persons may make an application to the court under subsection (4) –
a creditor;
a contributory;
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any other person with an interest in the company;
the Registrar; or
the Authority.
Where a vacancy occurs in the office of liquidator other than under paragraph (e) of subsection (1), written notice of the vacancy shall, as soon as practicable, be given to the Registrar and Authority by the person vacating office or, if that person is unable to act, by the person’s legal representative.
A person vacating the office of liquidator other than under paragraph (c) of subsection (1) shall, where practicable, provide such information and give such assistance to the person’s successor as the successor may reasonably request.
On the application of a person appointed to fill a vacancy in the office of liquidator, the court may make any order that the court considers necessary to facilitate the performance, exercise and discharge of the liquidator’s functions, powers and duties.
Every person who fails to comply with either subsection (6) or (7) commits an offence and shall be liable on conviction to a fine not exceeding fifty thousand rupees.
Every person who fails to comply with any court order made in terms of subsection (8) commits an offence and shall be liable on conviction to a fine not exceeding two hundred and fifty thousand rupees.
Part XIII
Part XIV