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Contents

Part XIII

374. Notice of receiver’s appointment and details

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

(1)

A receiver shall as soon as practicable and in any event within five working days after being appointed –

(a)

give written notice of the receiver’s appointment to the grantor;

(b)

give public notice of the receiver’s appointment, including —

(i)

the receiver’s full name;

(ii)

the date of the appointment;

Rescue, Rehabilitation and Insolvency

(iii)

the identity of the appointer of the receiver and, where the appointer was the court, the identity of the person on whose application the appointment was made;

(iv)

the receiver’s office address; and

(v)

a brief description of the property in receivership; and

(c)

send a copy of the public notice to the Registrar and Authority.

(2)

Where the appointment of a receiver is in addition to a receiver who already holds office or is in place of a person who has vacated office as receiver, each notice under subsection (1) shall state that fact.

(3)

In the event of any change in a receiver’s office address, the receiver shall within five working days –

(a)

give public notice of the new address; and

(b)

send a copy of the public notice to the Registrar and Authority.

(4)

A failure to comply with this section shall not affect the validity of a person’s appointment as receiver.

(5)

A receiver who fails to comply with this section commits an offence.