Skip to content
srilawsby aturio
As enacted
Contents

Part XVI

435. Protection in respect of seizure or disposal of property

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

(1)

Where a person referred to in subsection (2)

seizes or disposes of any property that is not property of the company, the person shall not be liable in respect of any loss or harm resulting from the seizure or disposal unless caused by bad faith or negligence.

(2)

Subsection (1) applies to an administrator, deed administrator, liquidator, provisional liquidator or special manager of a company.

(3)

Nothing in subsection (1) shall affect or limit any right or remedy of any person to recover some or all of –

Rescue, Rehabilitation and Insolvency

(a)

the property; or

(b)

any proceeds of realisation of the property.

Read on from s 436

Part XVII

Read on from Part XVII

Schedules