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Contents

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.

(1)

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—

(a)

due to the exceptionally high value of assets potentially available for distribution to creditors in the case; or

Rescue, Rehabilitation and Insolvency

(b)

due to the existence of any other exceptional circumstances which will serve the proportionate and just resolution of the case.

(2)

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 –

(a)

the debtor, at the debtor’s last known physical and electronic mail address;

(b)

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

(c)

any other creditor known to the Official Receiver.

(3)

The Fifth Schedule shall apply to the calling, holding and effect of any meeting of creditors.

(4)

The Official Receiver may call subsequent meetings of creditors after the first meeting of creditors.

(5)

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.

(6)

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.

Rescue, Rehabilitation and Insolvency

Part VII

Personal Insolvency Register

Part VIII

Part IX

Part X

Compromises

Part XI

Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements

Part XII

Part XIII

Part XIV

Cross - Border Insolvency

Part XV

Part XVI

Part XVII

Schedules