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As enacted
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Part III · Debt Protection Moratorium Order

41. Duration of a Debt Protection Moratorium Order

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

(1)

A Debt Protection Moratorium commences when a court makes a Debt Protection Moratorium Order.

(2)

Subject to subsection (3), a Debt Protection

Moratorium continues for sixty days from the date on which it commenced under subsection (1), unless —

(a)

the Moratorium is cancelled in accordance with section 77;

(b)

the Moratorium ends with the death of the debtor under subsection (5); or

(c)

the Moratorium ends under subsection (6) with the making of a Personal Insolvency Order.

(3)

On an application made by the debtor, a court may extend the Moratorium period by an additional period not exceeding ninety days, where-Rescue, Rehabilitation and Insolvency

(a)

the court is satisfied that the debtor has acted in good faith and with reasonable expedition; and

(b)

the court is satisfied that the extension of the moratorium period will serve the objectives of this Act, including the debtor being allowed time to prepare an application for a Debt Restructuring

Arrangement under Part IV.

(4)

A court may extend the Moratorium period under subsection (3) no more than four times, and for a total period not exceeding three hundred and sixty days.

(5)

Where a debtor dies during a Moratorium period, the Moratorium ends on the day after the day on which the debtor died.

(6)

Where a Personal Insolvency Order is made in respect of the debtor, the Moratorium ends on the date of the

Personal Insolvency Order.

(7)

Where a Moratorium period ends in accordance with subsections (2), (5) or (6), the Official Receiver shall cause all information relating to the Moratorium to be removed from the Personal Insolvency Register.

Read on from s 42

Part IV

Debt Restructuring Arrangements

Read on from Part IV

Part V

Debt Rehabilitation Orders

Read on from Part V

Part VI

Read on from Part VI

Part VII

Personal Insolvency Register

Read on from Part VII

Part VIII

Read on from Part VIII

Part IX

Read on from Part IX

Part X

Compromises

Read on from Part X

Part XI

Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements

Read on from Part XI

Part XII

Read on from Part XII

Part XIII

Read on from Part XIII

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