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srilawsby aturio
As enacted
Contents

Part XV

415. Procedure for setting aside a voidable preference, voidable encumbrance or alienation with intent

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

(1)

An application to the court for the setting aside of a voidable transaction shall, in addition to complying with all other applicable requirements under this Act or regulations made thereunder and any other written law, specify –

(a)

the date of the transaction that is subject to challenge;

(b)

the particulars of the transaction that is subject to challenge;

(c)

the manner in which each of the applicable conditions for the setting aside is said to be satisfied;

(d)

the order or orders that the relevant office holder seeks; and

(e)

the calculations of all amounts and values that are relied upon in seeking the order or orders referred to in paragraph (d).

(2)

The relevant office holder shall, in such manner and within such period as may be prescribed, serve a copy of the application on –

(a)

the person other than the debtor that was a party to the transaction; and

(b)

any other person against whom the relevant office holder seeks the order or orders, in each case, together with such other information as may be prescribed.

Rescue, Rehabilitation and Insolvency

(3)

Any person referred to in paragraph (a) and (b) of subsection (2) may object, in such manner and within such period as may be prescribed, to the setting aside as provided in subsection (1).

Read on from s 416

Part XVI

Read on from Part XVI

Part XVII

Read on from Part XVII

Schedules