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Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act 2026 · இயற்றப்பட்டவாறு · Part XI · Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements

294. Personal Insolvency Administrators: MSME Company Debt Restructuring Arrangements

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

(1)

A personal insolvency administrator, when performing the functions of a personal insolvency administrator under this Part-

(a)

shall not act as an agent of the MSME debtor;

Rescue, Rehabilitation and Insolvency

(b)

is not an agent of any creditor or creditors;

(c)

shall engage in the personal insolvency administrator’s professional capacity with the

MSME debtor and creditors to put the MSME

Company Debt Restructuring Arrangement into eﬀect; and

(d)

shall exercise ones professional independent judgment, having regard to the provisions in this

Act and any regulation, rules, standards, codes of conduct, practice directions or guidelines, made by the Authority under section 4.

(2)

A person may serve as a personal insolvency administrator under this Part only if the person-

(a)

is qualiﬁed under section 12 to be appointed and act as a key oﬃce holder with respect to the Debt

Restructuring Arrangement;

(b)

has certiﬁed in writing that the person is qualiﬁed under section 12 to be appointed and act as a key oﬃce holder with respect to the MSME Company

Debt Restructuring Arrangement; and

(c)

has consented in writing to the appointment as a personal insolvency administrator and has not withdrawn consent at the time of appointment.

(3)

A person who, with the person’s consent, is appointed or acts as a personal insolvency administrator knowing that any of the requirements of paragraphs (a) and (b) of subsection (2) has not been met, commits an oﬀence and shall be liable on conviction to a ﬁne not less than ﬁve hundred thousand rupees and not exceeding two million rupees or to rigorous imprisonment for a term not exceeding three years or to both such ﬁne and imprisonment.

Rescue, Rehabilitation and Insolvency

s 295 முதல் தொடர்ந்து படிக்கவும்