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As enacted
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Part XVII

479. Transitional provisions: Insolvency Practitioners

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

(1)

For a period of twenty four months after the date of the coming into operation of this Act, or such other period as may be provided by Order, a person shall be deemed to be registered as an Insolvency Practitioner under section 14 so long as the person –

(a)

consents in writing to be appointed as a key office holder; and

(b)

falls into a category of persons prescribed by regulations, subject to subsection (2).

(2)

Until such time regulations are made under paragraph (b) of subsection (1), a person shall be deemed to be registered as an Insolvency Practitioner under section 14 so long as the person –

(a)

consents in writing to be appointed as a key office holder; and

(b)

falls into one or more of the following categories of persons:–

(i)

Attorney-at-Law with not less than seven years of experience;

(ii)

Fellow of the Institute of Chartered

Accountants;

Rescue, Rehabilitation and Insolvency

(iii)

Fellow of the Chartered Institute of

Management Accountants; and

(iv)

any person who has served as a liquidator before the date on which this Act comes into operation, including under the Companies

Act.

Read on from s 480

Schedules