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Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · இயற்றப்பட்டவாறு · Part VI

109. Debts provable in Bankruptcy

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

(1)

Only debts deﬁned as included debts under section 37 shall be provable in a Bankruptcy.

(2)

A debt deﬁned as an excluded debt under section 37

shall not be provable in a Bankruptcy.

(3)

Subject to this section, the proof of any debt provable in Bankruptcy by a secured or unsecured creditor of the bankrupt debtor and the admission or rejection of any proof shall take place in accordance with section 426.

(4)

A secured creditor holding a ﬁxed security over property of the Bankruptcy Estate may —

(a)

rely on the security, while leaving the property in the possession or control of the Bankruptcy

Trustee;

(b)

enforce the security, where the secured creditor is entitled to do so; or

Rescue, Rehabilitation and Insolvency

(c)

surrender the property subject to the security to the Bankruptcy Trustee for the beneﬁt of the creditors as a whole and claim as an unsecured creditor for the whole debt.

(5)

Subject to subsection (5) of section 34 a secured creditor who exercises the option referred to in paragraph (b) of subsection (4) shall give account to the Bankruptcy

Trustee for any surplus remaining from the net amount realised, after satisfaction of –

(a)

any debt owing to the grantee of any ﬁxed security over any part of the property that ranks prior to the secured creditor’s ﬁxed security, determined as at the commencement of the Bankruptcy; and

(b)

the full amount of the debt, determined as at the commencement of the Bankruptcy.

(6)

Where the Bankruptcy Trustee considers it necessary, a Bankruptcy Trustee may by written notice require a secured creditor within twenty working days after receiving the written notice –

(a)

to exercise the option referred to in paragraph (b) of subsection (4) or the option referred to in paragraph (c) of subsection (4); and

(b)

if the creditor elects to exercise the option referred to in paragraph (b) of subsection (6), to do so within that period.

(7)

A secured creditor on whom a notice has been served under subsection (6) and who fails to comply with the notice —

(a)

is to be taken as having surrendered the property subject to the security to the Bankruptcy Trustee for the beneﬁt of the creditors as a whole; and

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(b)

may claim as an unsecured creditor for the whole debt.

s 110 முதல் தொடர்ந்து படிக்கவும்