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srilawsby aturio
As enacted
Contents

Part XV

430. Sending of documents to creditors and opted-out creditors

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

(1)

Where this Act or a regulation made thereunder requires an office holder to send a document to creditors, including creditors of a particular class, the requirement is complied with by the sending of the document to all such creditors of whose address the office holder is aware other than opted-out creditors, except where –

(a)

the Act or the regulation provides otherwise;

or

(b)

a court orders otherwise.

(2)

A creditor may at any time, and for any reason, elect to be an opted-out creditor by giving written notice, in such form as may be prescribed, to an office holder.

(3)

An opted-out creditor may at any time, and for any reason, elect to cease to be an opted-out creditor by giving written notice, in such form as may be prescribed, to an office holder.

(4)

An office holder shall, in the first written communication with a creditor, give notice, in such form as may be prescribed, that the creditor –

Rescue, Rehabilitation and Insolvency

(a)

may elect to be an opted-out creditor; and

(b)

may subsequently elect to cease to be an opted-out creditor.

(5)

An office holder shall treat a creditor as an opted-out creditor from the opt-out time to the earlier of –

(a)

the time at which the office holder ceases to hold office; and

(b)

the opt-out withdrawal time.

(6)

In this section –

(a)

“opt-out time” is the earliest time, after the giving of notice by a creditor under subsection (2), at which it is reasonably practicable for the office holder to treat the creditor as an opted-out creditor;

(b)

“opt-out withdrawal time” is the earliest time, after the giving of notice by a creditor under subsection (3), at which it is reasonably practicable for the office holder to cease to treat the creditor as an opted-out creditor; and

(c)

“opted-out creditor”, with respect to an office holder, means a person who –

(i)

is a creditor of the company;

(ii)

has given a notice to the office holder under subsection (2); and

(iii)

has not given a notice to the office holder under subsection (3).

Rescue, Rehabilitation and Insolvency

Part XVI

Read on from Part XVI

Part XVII

Read on from Part XVII

Schedules