Skip to content
srilawsby aturio
As enacted
Contents

Part IV · Debt Restructuring Arrangements

44. Debt Restructuring Arrangements

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

(1)

This Part establishes a Debt Restructuring

Arrangement procedure, under which a debtor, with the assistance of a personal insolvency proposer or a personal insolvency administrator, can negotiate a flexible repayment arrangement with the debtor’s creditors, in or towards the satisfaction of the debtor’s outstanding liabilities.

(2)

The Debt Restructuring Arrangement procedure aims to enable debtors who hold realisable assets and income to obtain a discharge of debt and economic rehabilitation as an alternative to bankruptcy, while ensuring that such debtors make a reasonable contribution to the repayment of their debts.

(3)

The Debt Restructuring Arrangement procedure aims to enable the rehabilitation and rescue of sole proprietorships, partnerships and other unincorporated businesses through the restructuring of debts via negotiation between debtors and creditors.

Read on from s 45

Part V

Debt Rehabilitation Orders

Read on from Part V

Part VI

Read on from Part VI

Part VII

Personal Insolvency Register

Read on from Part VII

Part VIII

Read on from Part VIII

Part IX

Read on from Part IX

Part X

Compromises

Read on from Part X

Part XI

Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements

Read on from Part XI

Part XII

Read on from Part XII

Part XIII

Read on from Part XIII

Part XIV

Cross - Border Insolvency

Read on from Part XIV

Part XV

Read on from Part XV

Part XVI

Read on from Part XVI

Part XVII

Read on from Part XVII

Schedules