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srilawsby aturio
As enacted
Contents

Part XIII

398. Relief from liability in the event of a defect

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

(1)

The court may relieve a person who has acted as a receiver from liability incurred in the course of the receivership, where the court is satisfied that –

(a)

the liability was incurred solely by reason of a defect in the instrument or the order of the court by or under which the receiver was appointed;

and

(b)

the receiver acted honestly and reasonably and should in the circumstances be exempted from liability.

(2)

In making any order under subsection (1) the court may, where necessary, impose any term or condition.

(3)

A person in whose interests a receiver was appointed shall be liable, to the extent to which the receiver is relieved from liability under subsection (1), subject to such terms and conditions as the court may impose as may be necessary.

CHAPTER 8

Vacancy in Office and End of

Receivership

Read on from s 399

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