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Part IV · Debt Restructuring Arrangements

60. Completion of Debt Restructuring Arrangement

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

(1)

A Debt Restructuring Arrangement is completed when all of the obligations that it created have been discharged, unless the Arrangement had been terminated earlier under section 59.

(2)

When an Arrangement is completed under subsection (1), the personal insolvency administrator shall, within fourteen days after the completion —

(a)

provide the debtor with a certificate of completion;

and

(b)

give written notice to the Official Receiver of the certificate of completion.

(3)

The certificate of completion is prima facie evidence of the facts stated in it.

(4)

When a Debt Restructuring Arrangement is completed under subsection (1), the debtor’s included debts shall

Rescue, Rehabilitation and Insolvency accordingly be cancelled, and the debtor shall not be liable to pay any part of the debts, including any interest, fees or charges that may have become payable in relation to those debts.

(5)

The completion of a Debt Restructuring Arrangement shall not release the debtor from any excluded debts.

(6)

The completion of a Debt Restructuring Arrangement shall not, except to the extent provided in the terms of the

Arrangement —

(a)

release any other person from a debt that the person owes jointly with the debtor; or

(b)

release a guarantor from the guarantee that the guarantor gave for the debtor’s debt.

(7)

The completion of a Debt Restructuring Arrangement shall not, except to the extent provided in the terms of the

Arrangement, release the debtor from liability under any secured debts or from any portion of a secured debt.

(8)

When the Official Receiver receives the certificate of completion specified in subsection (2), the Official Receiver shall —

(a)

record the successful completion of the Debt

Restructuring Arrangement in the Personal

Insolvency Register; and

(b)

within fourteen days after such receipt, remove from the Personal Insolvency Register all information recorded in it in respect of the completed Arrangement.

(9)

For the avoidance of doubt, when a Debt Restructuring

Arrangement is completed under subsection (1), the Debt

Restructuring Arrangement is no longer in effect, and the

Moratorium on creditor remedies under subsection (4) of section 55 shall cease to apply.

Rescue, Rehabilitation and Insolvency

Read on from s 61

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