The Hon. Bhagya Sri Herath, Attorney-at-Law

¶ 01 Hon. Deputy Chairperson of Committees, I am pleased to speak on the Rescue, Rehabilitation and Insolvency (Corporate and Personal) Bill. Notably, when the Justice Minister presented this Bill, the Opposition initially voiced no objection; the Opposition Leader and others later confirmed they would not oppose it—reflecting recognition that this is a vital reform.

¶ 02 However, I must comment on a recent statement by the Opposition Leader criticizing political interference with the public service. One may recall a widely circulated video—“Leaked video of Sajith Premadasa shows how Yahapalanaya addressing unemployment”—portraying how jobs were “distributed” in that era. It ill-behooves those with such histories to now decry politicization. Likewise, matters suitable for District or Divisional Coordinating Committees are theatrically brought to Parliament.

¶ 03 On housing: claims that nothing is being built are inaccurate. Unlike past “model villages” carved into state lands and wildlife corridors, our approach prioritizes finishing partially built houses and resolving legacy land/title issues, including those lingering for years in schemes like Ipalogama. We have initiated committees to identify and complete half-built units and aim to build 50,000 houses this year—each to be occupied by real families, not left to bats in deserted complexes.

¶ 04 On the Bill: the reform moves beyond the 1853 framework and Companies Act provisions, creating pre-liquidation options—court-supervised restructuring, appointment of administrators, and business model adjustments—to enable viable firms to continue. This aligns with global best practices in India, the U.S., Singapore, and elsewhere. It will give Sri Lankan businesses practical protections and pathways to reorganize and preserve value and jobs. I urge support.