Second Reading Debate On Insolvency Bill In Parliament Today

COLOMBO (News 1st); The second reading debate of the Rescue, Rehabilitation and Insolvency (Corporate and Personal) Bill is being held in Parliament today.

The Ministry of Justice has prepared the Bill to amend and consolidate laws relating to the rescue and rehabilitation of individuals and companies, as well as insolvency matters.

It also provides for the establishment of an Insolvency Regulatory Authority to carry out the powers and functions outlined in the Act.

The Bill is expected to ensure professional standards, proper supervision, and public confidence.

In addition, the Ministry of Justice stated that the Bill includes provisions to balance relief granted to debtors with the protection of creditors.

Accordingly, the Bill also allows for the issuance of orders to temporarily suspend debt repayments.