Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · As enacted · Part VI
95. Meeting of creditors in exceptional cases
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
The Official Receiver may, after commencement of the Bankruptcy, call a meeting of the bankrupt debtor’s creditors, where the Official Receiver considers it necessary—
due to the exceptionally high value of assets potentially available for distribution to creditors in the case; or
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due to the existence of any other exceptional circumstances which will serve the proportionate and just resolution of the case.
If the Official Receiver elects to call a meeting of creditors, the meeting shall be called as soon as practicable after commencement and, unless there are special circumstances, not less than thirty five days thereafter, by sending a written notice of the time and place of the meeting to –
the debtor, at the debtor’s last known physical and electronic mail address;
each creditor named in the statement of the debtor’s financial affairs, at the physical and electronic mail address given in the statement of financial affairs or at any other address that the Official Receiver believes is the creditor’s address; and
any other creditor known to the Official Receiver.
The Fifth Schedule shall apply to the calling, holding and effect of any meeting of creditors.
The Official Receiver may call subsequent meetings of creditors after the first meeting of creditors.
The Official Receiver shall call a subsequent meeting if required to do so by one-quarter in number and value of the creditors who have proved their debts.
A meeting of creditors and the resolutions passed at the meeting are valid even if some creditors did not receive the written notice of the meeting, unless the court orders otherwise.
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