As enacted

Contents

Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part XIII

400. End of receivership

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

A receivership ends –

(a)

when a receiver is satisﬁed that –

(i)

the debt secured by the ﬁxed security or ﬂoating charge by virtue of which the receiver was appointed has been satisﬁed in full; or

(ii)

if earlier than expected –

(a)

all of the property in respect of which the receiver was appointed has been realized, or so much as can in the receiver’s opinion be realised without needlessly protracting the receivership has been realised; and

(b)

all of the proceeds of realisation have been distributed;

(b)

after notice is given to a receiver by an administrator or liquidator, requiring the receivership to end, under section 234 or 331; or

(c)

under subsection (5) of section 399.

Read on from s 401

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