CA Sri Lanka, BRIPASL and Registrar of Companies focus on how to restructure and revive companies

Firefighters spray water onto the World Trade Center towers during an annual fire drill in Colombo, Sri Lanka, 25 November 2016 - REUTERS/Dinuka Liyanawatte

With the world we operate in becoming more challenging and complex, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), together with the Business Recovery and Insolvency Practitioners Association of Sri Lanka (BRIPASL) and the Registrar of Companies has organised an awareness session on restructuring and revival of companies. 

The session will be held on Thursday, 1 December at CA Sri Lanka, Colombo 7.

Amidst new developments in reforms in bankruptcy laws and practices, emergence of diverse methods of handling and managing corporate turnarounds receiving worldwide attention, Sri Lanka too has been witnessing developments in these areas. In Sri Lanka, the proposed Amendments to the companies Act No 07 of 2007 (corporate legal reforms in corporate bankruptcy laws) draws attention to corporate insolvency aspects. 

Therefore, the seminar aims to help the professional community and the public have a better understanding in this vital area.

An eminent panel of resource personnel comprising of President’s Counsel Dr. Harsha Cabral, President’s Counsel K. Kanag-Isvaran, Chairman – Advisory Commission on Company Law Dr. Arittha Wikramanayake, Secretary of BRIPASL and Precedent Partner of Neelakandan & Neelakandan Kandiah Neelakandan, and Partner – SJMS Associates Gerard J. David, will contribute in this program as part of the resource panel. 

Emanuel Salinas, Program Leader – Growth and Competitiveness, Sri Lanka and Maldives of the World Bank will be the Chief Guest. 

The seminar will cover a range of areas current in the present context, such as; What is Corporate Insolvency, The law that existed in Sri Lanka on Corporate Insolvency, The existing legal framework on Corporate Insolvency in Sri Lanka under the Companies Act No. 7 of 2007, Modes of Winding Up, Winding up Rules, The Liquidator, Administrators, Inadequacy of the existing legal framework, Proposal for an appropriate legal framework for effective business recovery and the International dimensions on business recovery and Insolvency expertise.