Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part IV · Debt Restructuring Arrangements
53. Submission of approved Debt Restructuring Arrangements to Offi cial Receiver
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
After the proposal has been accepted by the creditors, the personal insolvency proposer shall, as soon as practicable, submit to the Official Receiver-
written notice of the result of the vote of the creditor's at the Debt Restructuring Arrangement negotiation meeting; and
the final terms of the Debt Restructuring
Arrangement.
On receiving the documents set out in subsection (1), the Official Receiver shall confirm that the terms of the Debt
Restructuring Arrangement satisfy the provisions of this
Part.
On confirming that the terms of the Debt Restructuring
Arrangement satisfy the provisions of this Part, the Official
Receiver shall issue a certificate recommending a Debt
Restructuring Arrangement.
The Official Receiver shall then-
present this certificate, together with written notice of the result of the creditor vote at the
Rescue, Rehabilitation and Insolvency negotiation meeting and the final terms of the Debt Restructuring Arrangement, to the appropriate court; and
notify the debtor, the personal insolvency proposer and all creditors listed in the Arrangement of the issuance of the certificate.
The Official Receiver may only refuse to issue a certificate recommending a Debt Restructuring Arrangement if -
the Arrangement does not satisfy the provisions of this Part; or
the Official Receiver becomes aware of a material inaccuracy in the debtor’s statement of financial affairs or accompanying documents;
the Official Receiver becomes aware of a material change in the debtor’s circumstances that was not reasonably foreseeable in the debtor’s statement of financial affairs or accompanying documents;
the Official Receiver is of the opinion that the terms of the Debt Restructuring Arrangement are not reasonable or are not fair to the debtor and the creditors as a whole.
If the Official Receiver refuses to issue a certificate recommending a Debt Restructuring Arrangement, the
Official Receiver shall —
provide reasons for such refusal to the debtor, personal insolvency proposer and creditors; and
notify the appropriate court of its recommendation, that the court may not confirm the coming into effect of the Debt Restructuring
Arrangement.
Rescue, Rehabilitation and Insolvency
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