Skip to content
Contents

Part XIII

391. Further reports by receiver

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

(1)

A receiver or a person who was a receiver at the end of the receivership, as the case may be, shall, within twenty working days after –

(a)

the end of each period of six months after the receiver was appointed; and

(b)

the day on which the receivership ends, prepare a further report summarising the state of affairs with respect to the property in receivership as at those dates, and the conduct of the receivership, including all amounts received and paid, during the period to which the report relates.

(2)

The report referred to in subsection (1) shall include details of –

(a)

property disposed of since the date of any previous report and any proposals for the disposal of property in receivership;

(b)

amounts owing, as at the date of the report, to any person in whose interests the receiver was appointed;

(c)

amounts owing, as at the date of the report, to creditors of the grantor having preferential claims;

Rescue, Rehabilitation and Insolvency

(d)

amounts likely to be available, as at the date of the report, for payment to creditors other than those referred to in paragraph (b) and paragraph (c); and

(e)

such other information as may be prescribed.

(3)

A receiver may omit from a report required to be prepared under paragraph (a) of subsection (1) details of any proposals for disposal of property in receivership if the receiver considers that their inclusion would materially adversely affect the performance of the receiver’s functions.

(4)

Every person who fails to comply with this section commits an offence.