Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part XII
362. Court’s general power in liquidation and provisional liquidation
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
On the application of a person referred to in subsection (2), the court may make any order that it considers necessary regarding the manner in which the provisions of this Part XII are to be applied in relation to a particular company.
Any of the following persons may make an application to the court under subsection (1) :–
the liquidator or a person to be appointed as liquidator;
a provisional liquidator;
a special manager;
an administrator or deed administrator;
a receiver;
a creditor;
a contributory;
Rescue, Rehabilitation and Insolvency
any other person with an interest in the company;
the Registrar;
the Authority; or
with the permission of the court, any other interested person.
In an order under subsection (1), the court may end a liquidation where it is satisfied that the liquidation should end because –
the provisions of this Part are being abused;
in the case of a liquidation that has been suspended under subsection (4) of section 188
owing to the appointment of an administrator, the administration has been ended or will end (with or without a deed of company arrangement having been made) and the company is not insolvent or likely to become insolvent; or
for some other reason, it is just and equitable that the liquidation be ended.
A copy of every order made under subsection (3) shall, within five working days after the making of the order, be sent by the court to the Registrar and Authority.
In making an order under subsection (1), the court may, as may be necessary –
impose any term or condition; and
make any other ancillary order.
Part XIII
Part XIV