Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part XVII
478. Transitional Provisions and Savings
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
Notwithstanding any other provisions of this
Act –
all actions instituted, or proceedings commenced, that are pending; and
all offices held in respect of such actions or proceedings, immediately before the date on which this Act comes into operation and relating to insolvency shall be continued and completed as if this Act had not come into operation, and the written law under which such actions were instituted or proceedings were commenced shall be deemed to remain in force.
Notwithstanding the provisions of this Act, the
Companies Liquidation Account established under section 396 of the Companies Act shall continue to be operated as if this Act had not come into operation, for a period of five years after the date of completion of all actions or proceedings specified in subsection (1), whereupon all proceeds lying to the credit of the Companies Liquidation Account shall be–
transferred by the Registrar to the Insolvency
Surplus Account; and
dealt with in accordance with under paragraph (b) of subsection (6) and subsection (7) and subsection (9) of section 432.
Rescue, Rehabilitation and Insolvency
Until such date as the Minister first makes an appointment under subsection (1) of section 8, the holder of the office of Official Receiver under the Companies
Act immediately before the date on which this Act comes into operation shall continue to hold office as the Official
Receiver for the purposes of this Act.
Where this Act does not make provision for the necessary transition from the repealed enactments to this
Act, the Minister may make necessary regulations for such transition.