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srilawsby aturio
As enacted
Contents

Part XV

425. Exception regarding non-dormant company

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

(1)

The prohibitions in paragraphs (a) and (b) of subsection (2) of section 421 shall not apply in respect of a phoenix company that has been known by a name or names

Rescue, Rehabilitation and Insolvency that are the same as the failed company’s pre-liquidation name or are similar name where –

(a)

it has been known by that name or those names for at least the period of twelve months immediately preceding the date of commencement of the liquidation; and

(b)

it has not been dormant at any time during those twelve months.

(2)

For the purposes of subsection (1), a company shall be deemed not to have been dormant at any time during the said twelve months, if transactions that are required by subsection (1) of section 148 of the Companies Act to be record, in its accounting records have occurred throughout that period.

CHAPTER 4

Proofs of Debt, Set-Off, Distributions, and Sending of

Documents

A – PROOFS OF DEBT AND PROVING DEBTS

Read on from s 426

Part XVI

Read on from Part XVI

Part XVII

Read on from Part XVII

Schedules