Best Creditor Lawyers in Sri Lanka

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de Livera Associates

de Livera Associates

Colombo, Sri Lanka

Founded in 1872
200 people in their team
HISTORY & LEGAL INSPIRATIONThe Firm of De Livera Associates was founded, by Solomon Christoffel Obeyesekere De Livera, popularly known as Christo...
Sinhala
English
Tamil
Continental Law AssocIates

Continental Law AssocIates

Colombo, Sri Lanka

Founded in 2000
50 people in their team
ABOUT USEstablished in the year 2000, we take pride in our nearly two decades long legal practice providing feasible solutions to the legal needs of...
Sinhala
English
Tamil
Neelakandan & Neelakandan

Neelakandan & Neelakandan

Colombo, Sri Lanka

Founded in 1962
200 people in their team
Neelakandan & Neelakandan (formerly Murugesu & Neelakandan) is one of the leading and oldest full-service law firms in Sri Lanka and has been...
Sinhala
English

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About Creditor Law in Sri Lanka:

Creditor law in Sri Lanka governs the rights and responsibilities of creditors, individuals or entities that are owed a debt by another party. This area of law deals with issues related to debt collection, bankruptcy, and creditor rights in various legal proceedings.

Why You May Need a Lawyer:

There are several situations where you may require legal assistance in creditor matters, such as:

  • Debt collection from individuals or businesses
  • Filing for bankruptcy or defending against bankruptcy filings
  • Enforcing creditor rights in court
  • Negotiating debt repayment agreements

Local Laws Overview:

In Sri Lanka, the legal framework for creditor rights is primarily governed by the Insolvency Ordinance, which outlines the procedures for bankruptcy and insolvency matters. Additionally, the Civil Procedure Code and the Companies Act also contain provisions relevant to creditor rights and debt recovery.

Frequently Asked Questions:

1. What are the legal remedies available to creditors in Sri Lanka?

Creditors in Sri Lanka can pursue legal remedies such as filing a lawsuit for debt recovery, initiating bankruptcy proceedings, obtaining a court order to seize assets, or negotiating a repayment plan with the debtor.

2. Can a creditor force a debtor into bankruptcy in Sri Lanka?

Yes, a creditor can file a bankruptcy petition against a debtor in Sri Lanka if the debtor is unable to repay their debts. The court will then determine whether to declare the debtor bankrupt.

3. How long does the debt recovery process usually take in Sri Lanka?

The debt recovery process can vary depending on the complexity of the case and the cooperation of the parties involved. It may take several months to several years to resolve a debt recovery case in Sri Lanka.

4. Are there any limitations on debt collection practices in Sri Lanka?

Yes, creditors in Sri Lanka are required to follow certain legal procedures when attempting to collect debts, such as not using abusive or deceptive tactics, not harassing the debtor, and not disclosing the debt to third parties without consent.

5. What are the consequences of non-payment of debts in Sri Lanka?

If a debtor fails to repay their debts in Sri Lanka, they may face legal action from creditors, including lawsuits, asset seizure, bankruptcy proceedings, and damage to their credit rating.

6. Can a creditor repossess collateral in Sri Lanka?

Yes, if a debtor has pledged collateral for a debt, such as a vehicle or property, the creditor may have the right to repossess the collateral if the debtor defaults on their repayment obligations.

7. How can a creditor enforce a court judgment in Sri Lanka?

Once a creditor obtains a court judgment in their favor, they can enforce it through various means, such as wage garnishment, asset seizure, or placing a charge on the debtor's property.

8. Is it possible to negotiate a debt repayment plan with a debtor in Sri Lanka?

Yes, creditors and debtors in Sri Lanka can negotiate a debt repayment plan outside of court to avoid legal proceedings. It is advisable to seek legal advice to draft a formal agreement.

9. Can a creditor pursue legal action against a company in Sri Lanka?

Yes, creditors can pursue legal action against companies in Sri Lanka for outstanding debts. This may involve filing a lawsuit, obtaining a court judgment, and enforcing it through legal means.

10. Are there any alternative dispute resolution options for creditor matters in Sri Lanka?

Yes, creditors and debtors in Sri Lanka can opt for alternative dispute resolution methods such as mediation or arbitration to resolve creditor issues outside of court. These methods can be faster and more cost-effective than litigation.

Additional Resources:

If you require legal assistance in creditor matters in Sri Lanka, you may contact the Bar Association of Sri Lanka or the Legal Aid Commission for guidance and support. Additionally, seeking advice from a qualified creditor law attorney or law firm can help you navigate complex legal issues effectively.

Next Steps:

If you are facing creditor-related legal issues in Sri Lanka, it is advisable to consult with a knowledgeable attorney who specializes in creditor law. They can assess your situation, explain your legal rights and options, and represent your interests in legal proceedings if necessary. Be sure to gather all relevant documentation and information to provide to your attorney for a thorough evaluation of your case.

Disclaimer:
The information provided on this page is intended for informational purposes only and should not be construed as legal advice. While we strive to present accurate and up-to-date information, we cannot guarantee the accuracy, completeness, or currentness of the content. Laws and regulations can change frequently, and interpretations of the law can vary. Therefore, you should consult with qualified legal professionals for specific advice tailored to your situation. We disclaim all liability for actions you take or fail to take based on any content on this page. If you find any information to be incorrect or outdated, please contact us, and we will make efforts to rectify it.