The Hon. U.P. Abeywickrama, Attorney-at-Law

¶ 01 Hon. Deputy Chairperson of Committees, today we consider at Second Reading the Rescue, Rehabilitation and Insolvency (Corporate and Personal) Bill – a comprehensive statute marking a decisive moment in Sri Lanka’s legal modernization. For decades, many outdated, obsolete rules—particularly around commerce and industry—have persisted. This Bill aligns those frameworks with contemporary social and economic realities.

¶ 02 Many honest businesses and individuals, due to various reasons, faced insolvency and challenges in repaying debts. We are pleased that our Government has reorganized antiquated regimes—such as the Insolvency Ordinance of 1854 and provisions of the Companies Act, No. 7 of 2007—into a modern system. The opportunities this Bill opens will support a fresh resurgence of the national economy.

¶ 03 This reform creates a conducive environment for entrepreneurs and the new generation to run their enterprises well, and it will benefit practitioners across fields, including lawyers and business advisors. However, we note the conduct of the Opposition, whose long misrule helped drive the country into crisis. As our Government stabilizes the economy, ensures national harmony, regains international confidence, and strengthens foreign relations, the Opposition tries to exploit any administrative lapse to portray us as no different from their own record of misconduct. The public rejected that narrative in 2022 and will not be misled again.

¶ 04 We are implementing necessary reforms across sectors to lift the country from the mire of decayed politics and economic mismanagement. Regarding the recent incident of funds remitted to a fraudulent foreign account via the Ministry of Finance, some in the Opposition attempted to manufacture broad public distrust, even lacking sensitivity toward the deceased public officer and his family. Their political opportunism is evident; yet it only deepens their own bankruptcy before the people. We, by contrast, have increased public servants’ salaries, engaged closely with state officials from Grama Niladharis up to ministerial and presidential secretaries, and fostered trust in governance across those who voted for or against us. The country sees that the Opposition is not ready for modern, responsible politics.

¶ 05 Thank you, Hon. Deputy Chairperson of Committees.