| 1.
| | This Ordinance may be cited as the Insolvency Ordinance. ' |
| 2.
| | Cession bonorum abolished. |
| 3.
| | Judges may make rules. |
| 4.
| | District Courts to be auxiliary to each other for proof of debts and taking examinations. |
| 5.
| | Appeals to Court of Appeal. |
| 7.
| | Acts of insolvency. |
| 8.
| | Conveyance by a person of all his property to trustees not an act of insolvency, unless petition for sequestration is filed within three months. |
| 9.
| | Lying in prison for twenty-one days, and escaping out of prison, acts of insolvency. |
| 10.
| | Filing declaration of insolvency an act of insolvency. |
| 11.
| | Compounding with, petitioning creditor an act of insolvency |
| 12.
| | Defendant not paying, securing, or compounding for a judgment debt within thirty days after notice an act of insolvency. |
| 13.
| | Person disobeying order of court for payment of money after service of peremptory order an act of insolvency. |
| 14.
| | Notice of acts of insolvency to agents of corporate bodies, & c |
| 15.
| | No person liable upon an act of insolvency committed more than twelve months |
| 16.
| | Proceedings to originate by petition. |
| 17.
| | Court of Appeal may direct petition to be prosecuted in any District Court, & c. |
| 18.
| | Petitioning creditor's debt: though payable at a future time and security given, |
| 19.
| | Petition by public officer of certain co-partnership. |
| 20.
| | Person may petition against himself. |
| 21.
| | If adjudication be not obtained within three days after petition, any other creditor may proceed on it. |
| 22.
| | Petitions may be presented against one or more partners in a firm ; and petitions against two or more may be dismissed as to one without affecting the others. |
| 23.
| | If one member of a firm be insolvent, a petition against the others shall be filed in the same court. |
| 24.
| | After petition filed, if the insolvent be about to quit Sri Lanka or to remove or conceal his goods, he may be arrested and his goods seized. |
| 25.
| | Court, before adjudication, may summon witnesses to prove act of insolvency |
| 26.
| | Adjudication, and upon what proof. |
| 27.
| | Attachment upon the estate and how to be made. |
| 28.
| | Attachment of personal property how to be made and as to penalty for defaulting the same. |
| 29.
| | if petitioning creditor's debt insufficient court may proceed upon the application of any other creditor. |
| 30.
| | Insolvent to have notice of adjudication and to be allowed a certain time to show cause against it before advertisement |
| 31.
| | Insolvent to deliver up his books of account to the court upon oath; to attend assignees; to be at liberty to inspect books, &c: after allowance of certificate to attend assignees in settling accounts. Allowance for attendance. |
| 32.
| | Search warrants in what cases |
| 33.
| | No action against persons for acting under warrant of the court without demand of copy of warrant. |
| 34.
| | Proof in such actions that defendant is petitioning creditor sufficient to render him liable. |
| 35.
| | Fiscal may break open the insolvent doors, &c, and seize upon his body or property |
| 36.
| | Insolvent not in custody to be free .from arrest in coming to surrender, & cIf in custody, he may be brought up to be examined or to surrender, &c; and if for debt, the court may, except in certain cases, order his release |
| 37.
| | If arrested, to be discharged on producing protection. |
| 38.
| | Petitioning creditor to proceed at his own cost until choice of assignees. |
| 39.
| | No objection to petition for sequestration, that the act of insolvency was concerted- |
| 40.
| | Court may proceed notwithstanding death of insolvent. |
| 41.
| | Court may summon and examine insolvent. |
| 42.
| | Court may summon and examine the insolvent's wife. |
| 43.
| | If insolvent keep out of the way, or be about to quit Sri Lanka, &c, warrant. |
| 44.
| | Court may summon person suspected of having insolvent's property, & cand if they fail to attend, warrant. |
| 45.
| | Service of summons where person keeps out of the way. |
| 46.
| | Power to examine persons summoned or present at any sitting. |
| 47.
| | Court may order payment of debts admitted to be due to the estate such order to have effect of judgment |
| 48.
| | Court may order letters addressed to insolvent to be redirected or delivered to assignees, & c |
| 49.
| | Goods in the possession, order, .or disposition of the insolvent to be deemed his property |
| 50.
| | Consigned goods, &c, to be given up to the owner. |
| 51.
| | Conveyances, &c, by insolvent without valuable consideration void. |
| 52.
| | Seizure of goods for rent not to be available for more than one year's rent due; the landlord to prove for the residue. |
| 53.
| | Where insolvent is a trustee, the court may order conveyance or assignment to another trustee. |
| 54.
| | Title to property sold not to be impeached unless insolvency disputed within a certain time. |
| 55.
| | The court, after adjudication, may order any agent of the insolvent to deliver over all moneys, & c |
| 56.
| | Payment by insolvent, conveyances by him; contracts and dealings with him, and executions in what cases valid, if no notice of act of insolvency; |
| 57.
| | Bona fide purchases not to be impeached by notice of act of insolvency, unless petition be filed within twelve months after the act of insolvency. |
| 58.
| | Fraudulent preferences according to the law of England to be deemed such in like cases within Sri Lanka. |
| 59.
| | Certain powers of attorney to confess judgment and consents to judgments, given within two months of filing petition to be null and void. |
| 60.
| | Deeds and other instruments relating to insolvency not liable to stamp duty. |
| 61.
| | Provisions of Stamp Ordinance to extend to stamps under this Ordinance. |
| 62.
| | As to appointment by the court provisional assignee. |
| 63.
| | Removal of provisional assignee. |
| 64.
| | Provisional assignee not to sell property without authority of court. |
| 65.
| | Effect of appointment of provisional assignee. |
| 66.
| | Assignees when and how chosen. |
| 67.
| | Joint creditor entitled to prove under ' separate estate for the purpose choice of assignees. |
| 68.
| | who incompetent to be appointed assignees. |
| 69.
| | Acts of assignee entitling the court to set election asid and declare offender disqualified. |
| 70.
| | Movable property to vest in assignees. |
| 71.
| | Immovable property to vest in assignees. |
| 72.
| | Insolvent not liable to rents or covenants in conveyances, leases, & c, if assignees accept the same. How if assignees decline. How assignees compelled to elect. |
| 73.
| | Assignees how compelled to elect whether they will abide by or decline agreement for the purchase of land. |
| 74.
| | Assignees may execute power vested in the insolvent. |
| 75.
| | Court may order insolvent to join in conveyances. |
| 76.
| | Property mortgaged or pledged may be redeemed by the assignees. |
| 77.
| | Assignees may appoint the insolvent to manage the estate. |
| 78.
| | Assignees to subject to orders of the court. |
| 79.
| | Where one of firm is insolvent, the court may authorize action in name of the assignee; and of the other partner. |
| 80.
| | As to sale of estates by assignees, conditions of sale, &c |
| 81.
| | As to wearing apparel, tools, &c, of insolvent. |
| 82.
| | Assignees, with leave of the court, may bring or defend actions; may compound debts; and refer disputes arbitrators. |
| 83.
| | Reference to arbitration may be made a rule of court. |
| 84.
| | If petition or adjudication be annulled, &c, persons from whom the assignees have recovered, or who have bona fide paid the assignees, &c, discharged from claims by the insolvent. |
| 85.
| | Assignee indebted to the beaming insolvent, his future property liable. |
| 86.
| | Suits not to abate by death or removal of assignees. |
| 87.
| | Inaction against a debtor to the estate, in what case he may pay money into court. |
| 88.
| | Limitation of any actions. |
| 89.
| | The insolvent to prepare balance sheet and accounts, & c. |
| 90.
| | insolvents apprehended by warrant. |
| 91.
| | Court may adjourn last examination sine die. |
| 92.
| | If insolvent in custody, court may appoint a person to attend him with books, papers, &c, to enable him to prepare a balance sheet. |
| 93.
| | When and how debts may be proved. |
| 94.
| | Bonafide creditors for debts contracted after an act of insolvency may prove |
| 95.
| | Amount of taxes. |
| 96.
| | If insolvent an officer of friendly society, court to order payment of debt to them before any other debts. |
| 97.
| | Three months wages or salary, to clerks or servants. |
| 98.
| | Apprentices discharged from their indentures. Sum to be paid in respect of apprentice fees. |
| 99.
| | Mutual debts and credits may be set off. |
| 100.
| | Debts not payable at the time of the insolvency may be proved. |
| 101.
| | Proof by sureties- |
| 102.
| | Claim and proof on bottom or respondent bonds, and policy of insurance. |
| 103.
| | Proof by annuity creditor. |
| 104.
| | Proof by sureties for payment of annuities. |
| 105.
| | Proof for contingent debt. |
| 106.
| | Claim and proof for contingent liability? |
| 107.
| | Proof for interest. |
| 108.
| | Plaintiff or defendant obtaining judgment, &c, entitled to prove for costs, & c |
| 109.
| | Proving debt to be an election not to proceed against the insolvent by action. |
| 110.
| | complaint of debts being are not due investigation at whose instance and how |
| 111.
| | Creditor having security not to receive more than other creditors, |
| 112.
| | Accounts of assignees. |
| 113.
| | Audit. |
| 114.
| | Remuneration to assignees. |
| 115.
| | Creditors to choose a bank with which assignees shall open an account and lodge the money of the estate. |
| 116.
| | Penalty upon assignee retaining or employing money belonging to the estate. |
| 117.
| | Method of making dividends. No dividend without previous audit |
| 118.
| | Final dividend within eighteen months, except where suit depending or estate standing out, & c.Outstanding debts amp?s. may be sold, and the purchaser may sue for them. |
| 119.
| | Remedy for dividend. |
| 120.
| | Unclaimed dividends, &c,, lo be paid into the Treasury. |
| 121.
| | How unclaimed dividends, &c, in the hands of assignees to be disposed of. |
| 122.
| | Allowance to insolvent for maintenance. |
| 123.
| | If estate pay ten rupees for every ten rupees and interest, surplus to be paid to insolvent. |
| 124.
| | Mode of obtaining certificate. |
| 125.
| | Form of certificate. |
| 126.
| | Effect of certificate. |
| 127.
| | Certificate not granted or void if insolvent has concealed or falsified books, & c. or concealed any property, or permitted any fictitious debts to be proved. |
| 128.
| | Contract or security to induce creditor to forbear opposition void. |
| 129.
| | Certificate may be recalled. |
| 130.
| | Insolvent not liable upon any promise to pay debt discharged by certificate. |
| 131.
| | Insolvent, having obtained his certificate, free from arrest ; may plead his certificate ; evidence under it. Insolvent, if in execution, discharged. |
| 132.
| | Appeal against allowance or refusal of certificate. |
| 133.
| | Allowance, refusal, or suspension of certificate (except in case of appeal) to be final in what cases. |
| 134.
| | Deeds of arrangement entered into between any debtor and certain of his creditors, in what cases binding on all. |
| 135.
| | When deed not to be effectual against creditor who has not signed. |
| 136.
| | Trustee or inspector, & c. to certify as to the deed being signed. |
| 137.
| | Account of debt, &c, to be annexed to such certificate. |
| 138.
| | Rights of creditors. |
| 139.
| | Court may interfere in case of improper administration of the estate. |
| 140.
| | If after adjudication certain of the creditors accept composition, it shall bind the rest. |
| 141.
| | Mode of voting in deciding upon such composition. |
| 142.
| | officer of Court to produce proceeding and give copies thereof. |
| 143.
| | If insolvent does not dispute the insolvency, Gazette to be evidence of the adjudication and petition, as against insolvent, and in suits or debts, &c, by assignees. |
| 144.
| | In other cases no proof of petitioning creditor's debt or act of insolvency, unless notice to dispute them. |
| 145.
| | Court may award costs, and how recovered. |
| 146.
| | Witnesses and persons known or suspected to have insolvent's property, &c,. when entitled to costs. |
| 147.
| | Insolvent not surrendering, not discovering his property. not delivering his books. &c- Removing, concealing, or embezzling property, books, &c- Punishment. |
| 148.
| | Insolvent destroying or falsifying books & c. Punishment. |
| 149.
| | Insolvent obtaining goods on credit under false pretences, or removing or concealing goods so obtained. Punishment. |
| 150.
| | False evidence. Giving false evidence. |
| 151.
| | If at last examination it appears that insolvent has been guilty of any of the following offences, further protection refused ; certificate refused or suspended. |
| 152.
| | On refusal of certificate or protection, the court may grant assignees or creditor a certificate on which they may sue out execution against the insolvent. |
| 153.
| | Assignees for the time being may issue execution on such certificate |
| 154.
| | Insolvent taken, not discharged for one year. |
| 155.
| | List of uncertificated insolvents to be published in the Gazette every six months. |
| 156.
| | Any person refusing to be sworn, or refusing to answer, or not answering fully, or refusing to sign examination, or to produce books, & c, maybe committed. |
| 157.
| | Questions to be Specified In warrant. |
| 158.
| | Persons disobeying any order of court to be committed. |
| 159.
| | If petitioning creditor's debt be not due, or if act of insolvency be not proved, and petition be Filed fraudulently or maliciously, court may order satisfaction |
| 160.
| | Petitioning creditor compounding with person after insolvency to forfeit his debt and pay the money, & c |
| 161.
| | Concealing insolvent's effects. Penalty. Allowance to persons making discovery. |
| 162.
| | Obtaining money, &c, to forbear opposition to or to consent to allowance of, certificate. Penalty. |
| 163.
| | Inserting advertisements without authority. |
| 164.
| | Sections 36 and 37 to apply to .State debtors. |
| 165.
| | Interpretation |
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