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srilawsby aturio
As enacted
Contents

Part XV

420. Defi nitions

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

(1)

For the purposes of sections 412, 413, 414, 415,

416, 417, 418 and 419 –

(a)

“connected party review period” means the period of two years immediately preceding the date of commencement of the debtor’s bankruptcy, administration or liquidation;

(b)

“extended review period” means the period of five years immediately preceding the date of commencement of the debtor’s bankruptcy, administration or liquidation;

(c)

“relevant office holder” means –

(i)

in a bankruptcy, the Bankruptcy Trustee;

(ii)

in an administration, the administrator;

(iii)

in a liquidation, the liquidator; and

Rescue, Rehabilitation and Insolvency

(iv)

where a deed of company arrangement is in force, and if an Insolvency Practitioner, the deed administrator; and

(d)

“standard review period” means the period of six months immediately preceding the date of commencement of the debtor’s bankruptcy, administration or liquidation.

(2)

For the purposes of sections 412 and 418, a

“transaction” means any of the following steps by the debtor: –

(a)

conveying or transferring property of the debtor;

(b)

giving an encumbrance over property of the debtor;

(c)

incurring an obligation;

(d)

undergoing an execution or other legal process or the levying of distress;

(e)

paying money; and

(f)

anything done or omitted to be done for the purpose of one or more of paragraphs (a), (b), (c), (d) and (e).

CHAPTER 3

Phoenix Companies

Read on from s 421

Part XVI

Read on from Part XVI

Part XVII

Read on from Part XVII

Schedules