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srilawsby aturio
As enacted
Contents

Part XIII

371. Disqualifi cations from being appointed or acting as receiver

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

(1)

The following persons and their related parties are disqualified from being appointed or acting as a receiver of property of a company :-

(a)

a creditor of the company;

(b)

a person who is or who has within the period of two years immediately preceding the date of commencement of the receivership, been –

(i)

a director or other officer or an auditor or employee of the company or of a related company; or

(ii)

a director or other officer or employee of a grantee of the property in receivership;

(c)

a person who has or who has had within the period of two years preceding the date of commencement of the receivership –

(i)

a direct interest in a share issued by the company or by a related company; or

Rescue, Rehabilitation and Insolvency

(ii)

an indirect interest in five per cent or more of any class of shares issued by the company or by a related company; or

(d)

where a receiver is to be appointed under an instrument under subsection (1) of section 372, a person who is not permitted under the instrument to be appointed or act as receiver.

(2)

A person who is appointed or acts as a receiver when disqualified under subsection (1) commits an offence.

Read on from s 372

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