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Part IV · Debt Restructuring Arrangements

61. Duties of Personal Insolvency Administator under Debt Restructuring Arrangement

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

(1)

The duties of the personal insolvency administrator under a Debt Restructuring Arrangement include —

(a)

giving effect generally to the Arrangement;

(b)

dealing with the debtor’s property in the manner specified in the Arrangement;

(c)

giving information about the administration of the Arrangement to the debtor when the debtor makes a reasonable request for the information;

(d)

giving information about the administration of the Arrangement to a creditor who —

(i)

is bound by the Arrangement;

(ii)

makes a reasonable request for the information;

(e)

giving information about the administration of the Arrangement to the Official Receiver;

(f)

considering whether the debtor has committed an offence under this Act; and

(g)

referring to the Official Receiver or to relevant law enforcement authorities any evidence of any offence by the debtor under this Act, any regulation made under this Act, or any other applicable enactment.

(2)

The personal insolvency administrator shall not be reimbursed for expenses incurred in administering the

Arrangement unless those expenses are of a kind specified in the relevant proposal for a Debt Restructuring Arrangement.

Rescue, Rehabilitation and Insolvency

(3)

The personal insolvency administrator shall —

(a)

not pay any money received into a personal bank account of the personal insolvency administrator;

and

(b)

maintain a separate bank account for receiving all monies paid by debtors under Debt Restructuring

Arrangements, and shall not pay any money out of the account otherwise than —

(i)

for purposes related to the administration of

Debt Restructuring Arrangements;

(ii)

in accordance with this Act and any regulation made under this Act; or

(iii)

in accordance with a direction of the court.

(4)

The personal insolvency administrator shall transmit monies paid by debtors under Debt Restructuring

Arrangements to creditors in the agreed proportion on a timely basis.

(5)

The personal insolvency administrator shall maintain complete and accurate records of the account of monies received from the debtor and the monies disbursed to creditors under a Debt Restructuring Arrangement.

(6)

The personal insolvency administrator shall maintain regular contact with the debtor and conduct a review of the

Debt Restructuring Arrangement —

(a)

at least once in every period of six months; and

(b)

at such other times as may be required by the circumstances of the operation of the

Arrangement.

Rescue, Rehabilitation and Insolvency

(7)

Where the circumstances of the debtor have changed in a material respect, the personal insolvency administrator, in consultation with the debtor, shall give due consideration as to whether the procedure for varying the Debt Restructuring

Arrangement under section 58 should be commenced.

Read on from s 62

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