Skip to content
srilawsby aturio
As enacted
Contents

Part V · Debt Rehabilitation Orders

73. Discharge of debts

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

(1)

In advance of the expiry of a period of one year from the date of the Debt Rehabilitation Order, the Official

Receiver shall-

(a)

issue a Certificate of Discharge to the debtor; and

(b)

make an application to court for an order confirming the discharge of the debtor.

(2)

If the Official Receiver has not yet made an application under subsection (1), within a period of thirty days after the expiry of a period of one year from the date of the Debt

Rehabilitation Order, the debtor may bring an application to court for an order confirming the discharge of the debtor.

(3)

On receiving an application under subsection (1), the court shall, within ninety days, make an order of discharge,

Rescue, Rehabilitation and Insolvency unless an application to terminate or convert the Debt

Rehabilitation Order has been made under section 76 or 77.

(4)

The court order made under subsection (3), shall provide that the debtor is discharged from the Debt

Rehabilitation Order on the expiry of a period of one year from the date of the Debt Rehabilitation Order.

(5)

When discharged from the Debt Rehabilitation Order, the debtor’s included debts shall be cancelled, and the debtor shall not be liable to pay any part of the debts, including any interest, fees or charges which may have become payable in relation to those debts.

(6)

The discharge of debts under this section shall not release the debtor from any debt or liability specified as an excluded debt under subsection (4) of section 37.

(7)

A discharge under this section shall not release the debtor from any liability of any person who, at the date of the discharge, was —

(a)

a business partner of the discharged debtor;

(b)

a co-trustee with the discharged debtor;

(c)

jointly bound or contracted with the discharged debtor; or

(d)

guarantor or in the nature of a guarantor of the discharged debtor.

Read on from s 74

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