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Part V · Debt Rehabilitation Orders

78. Offi cial Receiver may apply for Preservation Order

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

(1)

This section shall apply if the Official Receiver —

(a)

intends to apply for termination of the Debt

Rehabilitation Order under section 76;

(b)

intends to apply for conversion under section 77;

or

(c)

intends to apply for revocation of discharge under section 79; and

(d)

has formed the view that the debtor has concealed assets or misled the Official Receiver.

(2)

On the application of the Official Receiver, the court may make an order for the preservation of the debtor’s assets pending the making of a court order under sections 76, 77

or 79.

Rescue, Rehabilitation and Insolvency

(3)

An order to preserve the debtor’s assets —

(a)

may be on such terms and conditions as necessary;

and

(b)

shall be effective, unless the court determines otherwise, from the time that the order is made.

Read on from s 79

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