A draft Companies Act, thrown out by the former Government will be brought back to replace the 1980s piece of legislation governing businesses in Sri Lanka.
Commerce and Consumer Affairs Minister Jeyaraj Fernandopulle told Lanka Business Online that plans to draw up a fresh draft was dropped by the Alliance Government.rn
rnInstead the Government will move ahead to enact an already available draft Companies Act which leans on the New Zeeland legislations. rn
rnThe Registrar of Companies confirmed that the draft replacement for the existing Companies Act was being promoted by the new Government.rn
rnFernandopulle says the draft will be put up for approval within weeks, but failed to commit on a time frame to push through the Bill.. rn
rnMeanwhile, a chapter on bankruptcy is still vacant. rn
rnFernandopulle says experts including the Registrar of Companies have approved the draft as is and that is what would be presented for approval by Sri Lankas policy makers. rn
rnThe UNF government threw o