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Contents

Part VI

99. Removal of Trustee and vacation of offi ce

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

(1)

Under this section, a person other than the Official

Receiver who has been appointed as Bankruptcy Trustee may be removed from office.

(2)

A Bankruptcy Trustee may be removed only by —

(a)

an order of the court; or

(b)

a resolution of a majority in value of creditors at a meeting convened specially for the purpose of removing a trustee.

(3)

Where the creditors of the bankrupt debtor decide to remove a Bankruptcy Trustee, they may appoint another person as Trustee to act in his place, in accordance with section 98.

(4)

Where the decision to remove a Bankruptcy Trustee is made under subsection (3), the decision does not take effect until the creditors of the bankrupt debtor appoints another person as Trustee in his place.

Rescue, Rehabilitation and Insolvency

(5)

The Bankruptcy Trustee, not being the Official

Receiver, shall vacate office if such Trustee -

(a)

ceases to be a fit person in accordance with section 98; or

(b)

ceases to satisfy any qualifications as may be prescribed.

(6)

On an application by a bankrupt debtor, a creditor, or the Official Receiver, the court can remove a Trustee on the grounds of misconduct or neglect of duty.

(7)

The Bankruptcy Trustee may resign from office by giving written notice of such resignation to the court and the

Official Receiver.

(8)

The Bankruptcy Trustee shall vacate office if the

Bankruptcy Order is annulled.

(9)

During any vacancy in the office of Bankruptcy

Trustee, the Official Receiver shall act as the Bankruptcy

Trustee.

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