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srilawsby aturio
As enacted
Contents

Part XV

423. Exception for person named in a successor company notice

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

(1)

Section 421 shall not apply to a person named in a successor company notice.

(2)

A successor company is a company that acquires the whole, or substantially the whole, of the business of a failed company under arrangements made by an administrator, liquidator or receiver or made under a deed of company arrangement.

(3)

A successor notice is a written notice by a successor company that –

(a)

is given by the successor company to each known creditor of the failed company;

(b)

is given to those creditors within one month after the arrangements for the acquisition of the business referred to in subsection (2) are made;

(c)

specifies –

(i)

the name and registered number of the failed company;

(ii)

the circumstances in which the business has been acquired by the successor business;

Rescue, Rehabilitation and Insolvency

(iii)

the name that the successor company has assumed, or proposes to assume, for the purpose of carrying on that business;

(iv)

any change of name that the successor company has made, or proposes to make, for the purpose of carrying on that business; and

(d)

states, in respect of a person named in the notice –

(i)

the person’s full name;

(ii)

the duration of the person’s directorship of the failed company;

(iii)

the extent of the person’s involvement in the management of the failed company.

Read on from s 424

Part XVI

Read on from Part XVI

Part XVII

Read on from Part XVII

Schedules