Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part IV · Debt Restructuring Arrangements
51. Debt Restructuring Arrangement: Negotiation Meeting
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
The personal insolvency proposer shall seek a decision from the debtor’s creditors as to whether they approve the proposal for a Debt Restructuring Arrangement.
The decision by the debtor’s creditors to approve or reject the proposal shall be made by a Debt Restructuring
Arrangement negotiation meeting.
The personal insolvency proposer shall consider the convenience of creditors and the debtor in fixing the date and venue for the negotiation meeting, which may take place in-person or via digital communication means.
The personal insolvency proposer shall send to every known creditor, who is a creditor in respect of an included debt -
written notice of the negotiation meeting;
a copy of the proposal for a Debt Restructuring
Arrangement, including all of the requirements specified in section 50;
a creditor’s claim form;
a postal vote form and electronic mail vote template;
a statement asking each creditor to decide whether it approves or rejects the proposed Debt
Restructuring Arrangement;
Rescue, Rehabilitation and Insolvency
a statement of the date on which the negotiation meeting will be held, that date being at least twenty one days after the sending of the statement; and
a statement to the effect that a creditor who does not attend the negotiation meeting, or does not cast a postal vote or electronic mail vote, shall be deemed to have accepted the proposal for a Debt
Restructuring Arrangement.
A creditor who has submitted a creditor’s claim form, in a manner satisfying any requirements which may be prescribed, may vote on the proposal by —
sending a postal vote that reaches the personal insolvency proposer before or at the negotiation meeting; or
sending an electronic mail vote that reaches the personal insolvency proposer before or at the negotiation meeting.
If the personal insolvency proposer receives a postal vote, or other communication of assent or dissent as prescribed, before or at the meeting, this vote or communication has effect as if the creditor had been present and voted at the meeting.
Part V
Debt Rehabilitation Orders
Part VI
Part VII
Personal Insolvency Register
Part VIII
Part IX
Part X
Compromises
Part XI
Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements
Part XII
Part XIII
Part XIV