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Resolving Insolvency

Current Status

According to the World Bank’s Doing Business 2020 report, Sri Lanka ranked at 94 with a Doing Business Score of 45.0 in the Resolving Insolvency indicator. Sri Lanka is doing better in recovery rate (cents on the dollar) and time (years) sub-indicators than the South Asian regional average. However, needs further improvements in strength of insolvency framework index sub-indicator.

New Initiatives

In 2018 Sri Lanka officially established an Official Receiver’s office with a designated Official Receiver under the Section 281 of the Companies Act No. 07 of 2007 by the Extraordinary Gazette Notification No. 2091/74 dated 05.10.2018.

  1. www.drc.gov.lk
  2. Extraordinary Gazette Notification No. 2091/74 dated 05.10.2018.