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Part XII · Winding Up

369. Uncommercial transactions

அதிகாரப்பூர்வ ஆங்கில மொழிபெயர்ப்பு. சிங்கள உரை மேலோங்கும். அதிகாரப்பூர்வ Sinhala உரையைத் திறக்கவும், documents.gov.lk-இல் அதிகாரப்பூர்வ PDF

(1)

A transaction by a company is voidable on the application of the liquidator, if —

(a)

the transaction took place within the specified period;

(b)

the transaction was an uncommercial transaction;

(c)

when the transaction took place, the company—

(i)

was unable to pay its due debts;

(ii)

was engaged or about to engage in business for which its financial resources were grossly inadequate; or

(iii)

incurred an obligation knowing that the company would not be able to perform the obligation when required to do so.

(2)

A transaction by a company is an “uncommercial transaction” if, and only if, a reasonable person in the company’s circumstances would not have entered into the transaction having regard to—

(a)

the benefits (if any) to the company of entering into the transaction;

(b)

the detriment to the company of entering to the transaction;

(c)

the respective benefits to the other parties to the transaction; and

(d)

any other relevant matters.

(3)

A transaction may be an uncommercial transaction for the purposes of this section—

(a)

whether or not a creditor of the company is a party to the transaction; and

(b)

even if the transaction is given effect to or is required to be given effect to, because of an order made by a court.

(4)

Unless the contrary is proved for the purposes of subsection (1), a transaction that took place within the restricted period is presumed to have been made at a time when the company was unable to pay its debts as they fell due.