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Part V · Debt Rehabilitation Orders

65. Debt Rehabilitation Order

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

(1)

This Part establishes an alternative procedure to

Bankruptcy, the goals of which procedure include —

(a)

to provide urgent economic rehabilitation and relief from over-indebtedness to debtors who hold insufficient assets and income to have any reasonable prospect of making repayments to creditors; and

(b)

to resolve in a timely, efficient, and impartial manner, with minimal procedural complexity and expense, cases of insolvency in which the levels of outstanding debt and resources of the debtor do not justify the use of a formal Bankruptcy procedure.

(2)

The Debt Rehabilitation Order procedure does not affect the rights of secured creditors.

Read on from s 66

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