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srilawsby aturio
As enacted
Contents

Part XII

357. Release of liquidator or provisional liquidator

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

(1)

Where a person ceases to be a liquidator or provisional liquidator, the person shall be released where –

(a)

in a case where section 302 applies to the company –

Rescue, Rehabilitation and Insolvency

(i)

notice has been given to each shareholder, in such manner and enclosing such documents as may be prescribed, of the release sought and explaining how shareholders may object to it; and

(ii)

the shareholders do not object in such manner and within such period as may be prescribed; or

(b)

in a case where section 302 does not apply to the company –

(i)

notice has been given to each known creditor, in such manner and enclosing such documents as may be prescribed, of the release sought and explaining how creditors may object to it; and

(ii)

the creditors do not object in such manner and within such period as may be prescribed;

or

(c)

after such procedure as may be prescribed has been followed, the court grants permission.

(2)

A release under subsection (1) shall discharge the person from all liability, except liability under section 419, in respect of any act, omission or decision of the person in the liquidation or provisional liquidation, as the case may be, of the company.

(3)

Where a person has obtained a release under subsection (1), the person shall give written notice of the release to the

Authority within ten working days.

Read on from s 358

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