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As enacted
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Part IV · Debt Restructuring Arrangements

62. Personal Insolvency Proposers

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

(1)

A personal insolvency proposer, when performing the functions of a personal insolvency proposer under this

Part —

(a)

is not an agent of the debtor;

(b)

is not an agent of any creditor or creditors;

(c)

shall engage in the personal insolvency proposer’s professional capacity with the debtor and creditors to seek, if possible, to achieve a solution which is satisfactory to both the debtor and to creditors; and

(d)

shall exercise professional independent judgment, having regard to the provisions of this

Act and any regulation, rules, standards, codes of conduct, practice directions or guidelines, made by the Authority under section 4.

(2)

A person may serve as a personal insolvency proposer only if the person —

(a)

is qualified under section 12 to be appointed and act as a key office holder with respect to the proposed Debt Restructuring Arrangement;

(b)

has certified in writing that the person is qualified under section 12 to be appointed and act as a key office holder with respect to the proposed Debt

Restructuring Arrangement; and

Rescue, Rehabilitation and Insolvency

(c)

has consented in writing to the appointment as a personal insolvency proposer and has not withdrawn consent at the time of appointment.

(3)

A person who, gives consent, to be appointed or acts as a personal insolvency proposer knowing that none of the requirements of paragraphs (a) and (b) of subsection (2) have been met, commits an offence and shall be liable on conviction to a fine not less than five hundred thousand rupees and not exceeding two million rupees or to rigorous imprisonment for a term not exceeding three years or to both such a fine and imprisonment.

Read on from s 63

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