The Speaker of Parliament, Dr. Jagath Wickramaratne, has endorsed the certificate on the Rescue, Rehabilitation and Insolvency (Corporate and Personal) Bill today (17).
According to a statement issued by the Department of Communication of Parliament, the Bill was first read in Parliament on 17 March 2026 and was subsequently passed by Parliament following a debate held on 6 May 2026.
The Act provides for the amendment of the Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act, the Companies Act, No. 7 of 2007, the Inland Revenue Act, No. 24 of 2017, and the Mediation Boards Act, No. 72 of 1988, while repealing the Insolvency Ordinance (Chapter 97).
The Act introduces specific procedures relating to personal insolvency,…