Commercial Bank makes history with biggest FinanceAsia awards haul by a Sri Lankan bank

Reaffirming its unmatched leadership and excellence in Sri Lanka’s banking sector, the Commercial Bank of Ceylon has been named Best Bank in Sri Lanka for the 15th consecutive year at the FinanceAsia Awards 2026, while also winning six other prestigious accolades across key areas of banking, the most by Sri Lankan bank.

In addition to being named the country’s Best Bank, Commercial Bank was also honoured as Best Bank for SMEs, Best Bank for Use of Technology, Best Islamic Finance House, Best Sustainable Bank, Best Private Bank and Best Retail Bank in Sri Lanka. Collectively, these accolades underscore the Bank’s leadership across key areas of the financial services spectrum.

Widely regarded as one of the most respected benchmarks in the Asia-Pacific financial services industry, the FinanceAsia Awards recognise institutions that demonstrate excellence in performance, innovation, leadership, customer service and resilience. The 2026 edition marks the 30th edition of these flagship awards, which evaluate banks on financial strength, strategic growth, digital transformation, sustainability initiatives and overall contribution to their respective economies.

‘Recognition at globally respected award programmes such as the FinanceAsia Awards further strengthens our standing among leading regional and international peers, while affirming our performance in financial strength, innovation, customer service and sustainability,’ said Commercial Bank Managing Director/CEO Sanath Manatunge. ‘This success also enhances stakeholder confidence and reinforces customer trust in the Bank’s ability to deliver consistent value across multiple areas of banking.’

The awards were accepted on behalf of Commercial Bank by Assistant General Manager – Services Chinthaka Dharmasena, and Deputy General Manager – Information Technology (Operations) Krishan Gamage, at the gala ceremony held on 24 June 2026 in Hong Kong.

Explaining the basis for its selections, FinanceAsia noted that the 2026 awards celebrate institutions that demonstrated determination to deliver desirable outcomes during 2025 through strong commercial and technical acumen, despite operating in complex and evolving market conditions.

The first Sri Lankan bank with a market capitalisation exceeding $ 1 billion., and the first bank in the country to be listed among the Top 1000 Banks of the World, Commercial Bank has the highest capital base among all Sri Lankan banks, is the largest private sector lender in Sri Lanka, and the largest lender to the country’s SME sector. Ranked No. 1 in the Business Today Top 40, the Bank is recognised as the most respected and most-awarded bank in Sri Lanka, is a leader in digital innovation and is the country’s first 100% carbon-neutral bank.

Commercial Bank operates more than 270 strategically-located branches and an extensive network of automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 21 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully-owned subsidiaries, CBC Finance PLC and Commercial Insurance Brokers Ltd., also deliver a range of financial services via their own branch networks.

Javelin champion Rumesh Tharanga receives full sponsorship from Access Group

Initiative follows Sports Minister’s request; Official MoU signed at Sports Ministry

Responding to a special request made by the Sports and Youth Affairs Minister Sunil Kumara Gamage, Access Solar Ltd., and Access Real Estate/Residencies have officially agreed to completely sponsor Sri Lanka’s premier javelin thrower, Rumesh Tharanga, and his coach Tony Prasanna, in their journey leading up to the 2028 Olympic Games.

Under this corporate partnership, Rumesh Tharanga is scheduled to serve as the official Brand Ambassador for the respective companies. The official Memorandum of Understanding (MoU) validated this long-term commitment today at the Ministry of Youth Affairs and Sports premises.

Through this landmark agreement, Access Group will continuously provide the financial support, nutrition, and international-level training requirements necessary for both the athlete and his coach to achieve their targets for the 2028 Olympics.

The special occasion was graced by the Sports and Youth Affairs Minister Sunil Kumara Gamage, National Sports Council President Priyantha Ekanayake, and National Olympic Committee (NOC) President Asanga Chandana Seneviratne, alongside athlete Rumesh Tharanga and Coach Tony Prasanna. Representing the Access Group were Access Solar Ltd., and Access Real Estate Ltd., Managing Director Theo Fernando, Access Solar Director Iranga Cooray and Access Real Estate Chief Operating Officer Mangala Perera

West Indies make cautious start in pursuit of 302 runs in two sessions

Day 5 of second Test against Sri Lanka

West Indies reached 62 without loss after lunch on the fifth and final day of the second Test against Sri Lanka, requiring a further 240 runs from the remaining 40 overs.

Openers John Campbell and Brandon King frustrated the Sri Lankan attack with an unbroken opening stand, reaching 31 and 30 respectively as the visitors searched in vain for an early breakthrough.

Earlier, Sri Lanka declared their second innings on 251 for 9, setting the hosts a target of 302. Dinesh Chandimal top-scored with a composed 71 from 107 deliveries, while Alzarri Joseph was the most successful West Indies bowler with figures of 2 for 44.

West Indies had earlier replied with 499 in their first innings after Sri Lanka posted 549 for 9 declared.

West Indies won the first of two Test matches heading into this game.

Thangaraja blazes through

E-WIS Sri Lanka Professional Golf Championship 2026

By Shamseer Jaleel

Nadaraja Thangaraja stormed into the lead with a sparkling seven-under-par 65 on the opening day of the E-WIS Sri Lanka Professional Golf Championship 2026 at the Victoria Golf Resort yesterday.

His flawless display gave him a six-shot cushion over the rest of the field and put him firmly in control heading into the second round.

Experienced professional Chalitha Pushpika emerged as Thangaraja’s closest challenger after carding a steady one-under-par 71 to occupy second place. Pushpika combined accuracy off the tee with a composed putting performance to stay within reach of the leader.

Anura Rohana shared third place after returning an opening-round 73 alongside Priya Hemantha and Chanaka Perera.

With three players tied for third, the race for the title is expected to intensify over the final two rounds. Several other leading professionals, including Mithun Perera, N. Amarapathma, Lalith Kumara and Haroon Aslam, remain well placed to challenge if they can produce low scores over the next two days.

Lassana Agri Innovations partners Rise N Shine Biotech India

Initiative opens new pathways for floriculture industry in Sri Lanka

Sri Lanka’s floriculture industry is poised for a new era of growth following the exclusive partnership between Lassana Agri Innovations Ltd., and Rise N Shine Biotech Ltd., India, creating unprecedented opportunities for entrepreneurs, commercial growers and investors looking to establish successful floriculture businesses.

Under the agreement, Lassana Agri Innovations becomes the exclusive sales, marketing and distribution partner for selected floriculture and ornamental plant varieties from Rise N Shine Biotech throughout Sri Lanka.

The collaboration combines Rise N Shine’s internationally recognised biotechnology expertise with Lassana Agri’s extensive knowledge of the local market, creating a powerful platform to elevate the country’s floriculture sector through innovation, quality and sustainable agricultural development.

More importantly, this partnership introduces a comprehensive ecosystem for commercial flower cultivation-supporting entrepreneurs, growers and investors with everything required to establish and grow successful floriculture businesses. From access to internationally developed planting material and modern cultivation technologies to technical guidance, training programs and structured market support, the initiative also aims to establish buy-back arrangements for selected flower varieties, providing growers with greater market security while creating a reliable domestic supply chain for Sri Lanka’s expanding floriculture industry.

Lassana Group of Companies Founder and Group Chairman Dr. Lasantha Malavige said: ‘This partnership marks a significant step forward for Sri Lanka’s floriculture industry. Through this collaboration, Sri Lankan growers will gain access to a much broader range of premium planting material, supported by world-class technical expertise and agronomic guidance. By making high-quality planting material and technical support more readily available, we aim to enhance productivity, improve quality standards, and strengthen the global competitiveness of Sri Lanka’s floriculture sector while creating new opportunities for growers across the country.’

Rise N Shine Biotech Ltd., Chairperson and Managing Director Dr. Bhagyashree P. Patil said: ‘We are delighted to formalise our partnership with Lassana Agri Innovations. This collaboration has been a milestone, built through productive meetings and a shared vision for the future of floriculture in Sri Lanka. We are confident that together we can contribute significantly to developing the country’s floriculture sector by introducing superior floriculture and ornamental plant varieties, encouraging innovation, and creating sustainable opportunities for growers.’

Lassana Group Group Director/Chief Strategy and Growth Officer Isira Perera said: ‘The strategic partnership between Rise N Shine and Lassana Agri will help to leverage the transformation of the fresh flower industry in the Sri Lankan market. The sustainable growth potential is immense with high-quality cutting-edge products while uplifting the outgrower farmer communities.’

Lassana Group Senior Agronomist – Head of Flower Division Piet de Jong said: ‘With the new agreement we are bringing the latest young plants for growing cut flowers in the country. Rise N Shine has an extensive assortment of young plants from international breeders. These plants will be available for all local growers through Lassana Agri Innovations. Now everyone can grow their own flowers, be it Gerbera, Limonium, Babies Breath and a wide range of pot-plants.’

Effective from 1 July 2026, the exclusive partnership establishes a long-term framework for collaboration between the two companies and reflects a shared commitment to innovation, sustainability and industry development. By combining world-class biotechnology with local expertise, Lassana Agri Innovations is reinforcing its leadership in Sri Lanka’s floriculture sector while creating a compelling investment opportunity for individuals and businesses looking to build successful floriculture enterprises.

Helabhoomi Products Ltd’s Business Manager and seasoned professional in organic food import

Helabhoomi Products Ltd’s Business Manager and seasoned professional in organic food import, strategic marketing and finance Saliya Kulasekara (right) recently met with Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe during a business forum at the Port City Colombo. Helabhoomi specialises in the export of 100% organic products from Sri Lanka to consumers to Western Europe

SLBF to hold Sri Lanka Brand Conclave on 28 July

The Sri Lanka Brand Forum (SLBF) has announced the launch of the Sri Lanka Brand Conclave, introducing what it describes as the country’s first integrated branding ecosystem dedicated to advancing branding, marketing and innovation.

The initiative, which was designed as a long-term national platform rather than a stand-alone conference, brings together academia, industry leaders, global experts, and emerging talent to boost Sri Lanka’s long-term economic competitiveness and develop the country’s brand-building capabilities.

Beyond the annual Conclave, the ecosystem offers year-round learning, collaboration, and professional development opportunities for Sri Lanka’s marketing and business community through initiatives like the Brand Academy, Quarterly Marketers Meet, LinkedIn Community, and Digital Knowledge Book, and Student Brand Challenge.

The Sri Lanka Brand Conclave aims to offer useful insights from internationally renowned experts along with successful local case studies as businesses navigate accelerating digital transformation, artificial intelligence and changing customer expectations. The platform’s goal is to provide business leaders, marketers, and entrepreneurs with the knowledge and strategies needed to build stronger, more competitive brands. It will also explore how artificial intelligence, purpose-driven branding, creativity and digital communities are reshaping how organisations build trust, engage consumers and compete in global markets.

The inaugural Conclave on 28 July at the Cinnamon Grand will bring together leading practitioners and experts from around the world to discuss branding and marketing’s future, giving Sri Lankan businesses practical strategies for competing in a market that is becoming increasingly dynamic.

Featured speakers include Dr. Prem Shamdasani of the National University of Singapore (NUS) Business School, Thomas Barta of the Marketing Leadership Institute, Tay Guan Hin of The One Club for Creativity, together with experts from TikTok South Asia, Kantar, Cannes Lions and leading Sri Lankan organisations.

Brand Academy and the Quarterly Marketers Meet will provide professionals with continuous learning opportunities throughout the year, while the Student Brand Challenge will connect university students with real-world branding challenges, recognising that future competitiveness also depends on developing the next generation of marketers. The LinkedIn Community and Digital Knowledge Book will further extend access to industry knowledge and encourage ongoing collaboration between business leaders, academics and practitioners. Collectively, these initiatives are designed to establish an ongoing stream of knowledge, collaboration, and talent development, ensuring that Sri Lanka’s capability for brand-building is strengthened much beyond a single annual event.

Sri Lanka Brand Forum Co-Founder Rohan Somawansa said: ‘Countries that compete successfully on the global stage are supported by strong brands, innovative businesses and talented marketers. Sri Lanka has all three ingredients, but we need stronger platforms that continuously combine industry, academia and international expertise. The Sri Lanka Brand Conclave has been created to build that foundation, not for a single event, but as a year-round ecosystem that equips businesses, marketers and future leaders to build brands that contribute to sustainable national growth.’

The launch represents the Sri Lanka Brand Forum’s wider commitment to developing platforms that advance branding excellence, encourage knowledge sharing, and support innovation throughout Sri Lanka’s business landscape. It also builds on the success of the Forum’s inaugural industry event.

As Sri Lanka seeks new pathways for sustainable economic growth, the Sri Lanka Brand Forum believes stronger brands will be an essential competitive advantage, not only for individual businesses, but for the country as a whole.

Negombo Prison tragedy exposes prison crisis

By Shanika Sriyananda

Parents and relatives were still crying, cursing and blaming angrily searching for their loved ones, either their bodies or their names in the lists after they have been transferred to other prisons from the ill-fated Negombo Prison, where over 27 were killed and 100 were sustained serious injuries during two-days of clashes inside its premises.

‘I have only one son and he has been imprisoned for over one and half years now. I do not have any clue about him after the riots,’ cries a mother who says she makes a living by selling jackfruit seeds.

Another mother cries and curses the authorities over her son’s death. ‘My son’s body was badly damaged. His eyes were cut with sharp metal pieces and body was brutally attacked with poles and bricks,’

The harrowing footage on live news coverages and later on social media take a breath away from many when seeing lifeless bodies of prison guards and inmates bleeding from heads which were brutally attacked with iron poles and bricks were lifted to military vehicles and ambulances.

Most of them had their last breath or are lying on hospital beds with serious injuries now. Meanwhile, the Prisons Department issuing a statement has paid tribute to seven officers who lost their lives in the line of duty during the unrest at the Negombo Prison on Monday.

The department named them as ‘heroes’ who sacrificed their lives in duty. The officers remembered are: Jailer S.H.G. Chandrawansha, Sergeant R.P.R. Sanjeewa, Sergeant B.N.N. Tharanga, Sergeant T.N.R. Thilakasiri, Sergeant D.W. Pushpakumara, Sergeant S.D.S. Aebywardena and Sergeant A.D. Tharanga.

Their stories are harrowing and deadly. Each of the dead and injured were brutally attacked during the country’s one of the scariest prison riots in recent history.

On social media, some accuse a prison officer for opening fire from the main gate of the prison during the height of violence but acting Commissioner General of Prisons Prasad Hemantha Kumara defended the prison officer saying he acted to prevent a mass escape and protect trapped prison officers.

The Prisons Department chief told media yesterday that social media footage showed only part of the incident, while inmates had already breached the first security gate and were moving towards a second gate.

‘The officers had to take decisive action, despite putting their own lives at risk, to prevent the situation from escalating further,’ he said.

Kumara said that officers inside the prison were attacked while trying to control the violence, and the shooting was a necessary measure to prevent the situation from escalating further.

However, he confirmed that authorities had received no prior intelligence warning of a possible violent incident at the Negombo Prison.

While the responsible authorities and the Government are taking steps to find a root cause for this bloodshed incident, the Committee for Protecting the Rights of Prisoners (CPRP) yesterday alleged that inmates transferred from the Negombo Prison after deadly violence at the Negombo Prison are being assaulted and tortured by prison officials. This strong accusation has raised fresh concerns over the treatment of prisoners and the state of Sri Lanka’s prison system.

The CPRP stated that the tragedy was not an isolated incident. Instead, it exposed long-standing problems that have been building up for decades. They point to severe overcrowding, a shortage of prison officers, poor rehabilitation programs, delays in the justice system and outdated prison laws.

In a statement, CPRP Chairman and Attorney-at-Law Senaka Perera said the organisation had received information that prisoners transferred from Negombo to other prisons were being assaulted.

‘The CPRP has been receiving reports that inmates who were transferred from the Negombo Prison to other prisons following the recent unrest are being assaulted and subjected to torture by prison officials,’ he said.

He said information already received indicated that inmates transferred to the Welikada Prison had been subjected to severe assaults and harassment.

‘If such assaults are indeed being inflicted upon inmates, the Committee expresses its strongest displeasure and condemnation. We urgently call upon all responsible authorities to halt such violence immediately,’ Perera said.

Meanwhile, the CPRP has also requested the Human Rights Commission of Sri Lanka to immediately investigate the allegations and ensure the protection of the transferred inmates.

The Negombo prison carnage unfolded only weeks after the CPRP submitted a comprehensive prison reform proposal to the Ministry of Justice titled ‘Improving Sri Lanka’s Prison System: Reducing Overcrowding and Helping Inmates Rebuild Their Lives.’

The report argues that the country’s prison system has reached a critical point where overcrowding, administrative delays and the absence of rehabilitation have become major threats to both prisoners and prison officers.

Justice Minister Harshana Nanayakkara, told Parliament yesterday, that he accepted responsibility for the incident as the minister in-charge of prisons. He also had an urgent meeting of senior prison officials.

Stating that the Government had not underestimated the seriousness of the incident at any stage, the Minister revealed that a group involved in the unrest had intended to disrupt the measures taken by the prison authorities to prevent narcotics and other illegal items from entering the prison.

‘The violence began after inmates allegedly attempted to disrupt the prison’s anti-narcotics security mechanism, attacked two unarmed prison officers and later broke through an iron gate before emerging from inside the prison compound,’ he explained.

According to Minister Nanayakkara, the prison officers who lost their lives tragically were brutally assaulted with bricks and iron poles by the inmates during the violence.

Explaining how violence at the Negombo prison erupted initially, he said whether it was the life of an inmate or a prison officer, all lives matter and it was a great loss to the country.

Minister Nanayakkara, agreeing that there was lack of facilities for inmates, said the organised group of inmates had destroyed the CCTV system and the body scanner worth million rupees.

‘This shows that their intention of creating violence was to disrupt the anti-narcotic system in the prison,’ he said adding that the Government pay highest respect for the prison officers who were committed to control the unrest while facing severe threats from the rioters and preventing a disaster not allowing the violent inmates breaking the main gate and entering onto streets with iron poles causing a threat to public safety.

Meanwhile, Opposition MP Ajith P. Perera criticised the Government’s handling of the Negombo Prison violence, accusing Justice Minister Nanayakkara of failing to act decisively after the initial clashes erupted on Sunday.

Speaking in Parliament, yesterday, he questioned why authorities did not separate rival inmate groups, strengthen security or deploy additional forces before the situation escalated.

Perera also raised concerns over the absence of a permanent Commissioner General of Prisons and criticising the Minister for relying on social media for casualty information, called on the Government to provide a full account of its response, saying the public deserves answers on how one of the country’s deadliest prison incidents occurred.

Speaking to the Daily FT, the CPRP Chairman Perera said the Government needed to seriously consider the pathetic situation in the entire prison system in the country and they hoped the authorities would follow the recommendations given by the CPRP to address issues effectively.

‘The authorities at least now accept that overcrowding in prisons triggers unrest and causes severe threat to the system. The maximum capacity in the Negombo prison is less than 600 but there were nearly 2,600 inmates including convicted male and female prisoners and remand prisoners,’ he said.

According to Perera, all the prisons have exceeded their maximum accommodation capacity by four fold.

‘The entire prison network can only accommodate only 10,800 inmates but there are over 41,000 prisoners sheltered in all prisons in the country. Until this serious issue of overcrowding is solved, the prison security is threatened,’ he said, accusing the Government of hiding the truth without identifying the real cause.

Perera said while continuing to appear for the rights of the prison inmates, the CPRP would lobby to implement their recommendations in the report and would also provide their suggestions to the newly appointed three-member expert committee to probe into the Negombo Prison unrest.

The CPRP’s comprehensive prison reform report has clearly stated that the country’s prison system has reached a critical point where overcrowding, administrative delays and the absence of rehabilitation have become major threats to both prisoners and prison officers.

Quoting official prison statistics, the report notes that Sri Lanka’s prison overcrowding rate stood at 111% in 2022, while previous international assessments found some remand prisons operating 200% to 300% above their intended capacity.

The report states that overcrowding has resulted in increased death rates, riots and significant health problems, warning that many remand prisoners are forced to remain standing throughout the night due to the absence of sleeping space, while others sleep inside toilet areas.

However, the CPRP cautions that security measures alone will not resolve the underlying crisis.

‘The prison system cannot continue to function merely by responding to emergencies after lives have been lost,’ Perera said, adding that maintaining that overcrowding, delays in justice, inadequate rehabilitation and poor institutional governance remain the root causes that require urgent attention.

A lifeline for small businesses

How MSMEs can invoke the rescue, rehabilitation and insolvency (Corporate and Personal) Act

Sri Lanka’s insolvency law changed for good on 17 June 2026, when Hon. Speaker Dr. Jagath Wickramaratne endorsed the certificate on the Rescue, Rehabilitation and Insolvency (Corporate and Personal) Bill, first read in Parliament on 17 March and passed following debate on 6 May. It now stands as the Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act, No. 12 of 2026, the statute that finally retires the Insolvency Ordinance of 1853 and replaces a liquidation-first regime with one built around rescue.

But the certificate is not a starting gun. Section 1(3) of the Act provides that, apart from the institutional provisions establishing the Insolvency Regulatory Authority (which took effect immediately on certification), every other provision, including the MSME mechanism this article focuses on, only comes into operation six months after certification, in mid-December 2026. Section 1(4) lets the Minister extend that window further, by up to two years in aggregate from certification date. For a small business owner, that is both a warning and an opportunity: the rescue is coming, but not yet, and the months in between are exactly when a distressed MSME and its advisors should be preparing.

A law written with the small business in mind

Unusually for insolvency legislation, the Act does not treat small enterprises as an afterthought. Part XI creates a dedicated MSME Company Debt Restructuring Arrangement, a standalone procedure built specifically so that a small company, working with an insolvency professional, can negotiate a flexible repayment plan with its creditors ‘avoiding liquidation and the unnecessary expense and complexity of administration.’ The philosophy is explicit in the section itself: rehabilitation through negotiation, not liquidation through default.

The threshold for qualifying is generous by design. An ‘MSME debtor’ is a company whose total outstanding secured and unsecured debt does not exceed Rs. 50 million at the time its proposal is submitted to the Official Receiver. Two or more related MSME companies with intertwined finances can even have their proposals bundled and dealt with as one, provided the terms spell out how joint assets, debts and payments are to be apportioned.

When can an MSME actually invoke it?

Eligibility is narrow but not harsh. A company qualifies where it is unable, or likely to become unable, to pay its debts as they fall due in the ordinary course of business, the standard ‘cash-flow’ insolvency test, and provided it is not already in liquidation. Notably, there is no requirement to already be in default; a company that sees the wall coming can invoke the mechanism pre-emptively, which is precisely the ‘early intervention’ behaviour the Act is designed to encourage.

Building the team and the proposal

An MSME cannot self-file. It must first appoint a personal insolvency proposer, a registered insolvency professional, who investigates the company’s financial affairs, certifies that the eligibility criteria are met, and helps prepare the proposal. The same person may go on to serve as the personal insolvency administrator once the arrangement takes effect, giving continuity from negotiation through implementation. The proposal itself must be accompanied by a full statement of the company’s financial affairs and the proposer’s professional opinion that the plan has a reasonable prospect of approval and offers a fair outcome to both the debtor and its creditors. Terms can restructure secured debt, hire-purchase obligations and rental arrears alike, though any reduction of a secured amount cannot cut below the value of the underlying security.

The negotiation meeting and the ‘Silence is Consent’ rule

Once the Official Receiver receives the proposal, the proposer convenes a negotiation meeting, giving every known creditor at least 21 days’ notice along with a claim form and postal or email voting options. The Act’s most striking practitioner point sits here: a creditor who does not attend, does not vote, and does not object is deemed to have voted in favour. If no creditor votes at all, the arrangement is deemed approved outright. This default-to-approval design puts pressure on disengaged or dilatory creditors and rewards a company that documents its notice process meticulously, because a creditor who never engaged also loses standing to object later in court.

Approval itself requires creditors holding two-thirds in value of claims voting in favour; where the plan touches secured creditors or hire-purchase counterparties specifically, that same two-thirds threshold must be met within that sub-class as well.

Court confirmation and the protective shield

An approved plan then goes to the Official Receiver for certification and on to court. The court can refuse confirmation only on defined grounds, non-compliance, material inaccuracy, or unfairness, and once confirmed, the arrangement binds every affected creditor. Confirmation also triggers a protective shield strikingly similar to an administration moratorium: while the arrangement is in force, creditors are barred from initiating legal proceedings, demanding payment, executing judgments, terminating essential services, or repossessing rented premises in respect of included debts. For a small business, this is the practical value proposition, breathing room, on legally enforceable terms, without the cost of full administration.

When it fails: Variation and termination

The mechanism is not a one-way street. The debtor, administrator and creditors can jointly vary the plan, and any of the debtor, a creditor, the administrator, or the Official Receiver can apply to court to terminate it, on grounds ranging from material misrepresentation to three months’ payment arrears. A terminating creditor may even couple that application with a request for a bankruptcy order, so the mechanism is not a shield against consequences, only a structured first attempt at avoiding them.

The conclusion

With commencement realistically landing between December 2026 and mid-2028, this is not yet a live remedy, but the runway matters more than the wait. MSMEs carrying debt near or under the Rs. 50 million threshold should be using this period to get financial records audit-ready, identify a prospective insolvency proposer, and map their creditor base, so that when the mechanism switches on, the first eligible companies through the door are the best-prepared ones, not merely the most desperate

(The author is an Attorney-at-Law (LLB), FCMA(UK), CGMA, FCMA, was awarded Tax Practice Leader of the Year 2024 (ASPAC) by International Tax Review (ITR) and was a top-four finalist for Tax Litigation and Disputes Practice Leader of the Year)

Revello Unveils Its Bean-to-Bar Story: The Art of Making Revello

In celebration of World Chocolate Day 2026, Revello Chocolates has unveiled its Bean to Bar Story, giving consumers an exclusive look into the craftsmanship, expertise, and meticulous process behind Revello.

For over a decade, Revello has been part of Sri Lankan consumers’ cherished moments, from celebrations and gifting to everyday occasions of indulgence. As the brand continues to evolve, Revello now invites consumers to discover the artistry behind its chocolate making journey and experience the care and precision that goes into every Revello.

Every Revello chocolate begins with carefully selected cocoa beans sourced from Ivory Coast and Ghana. Once harvested, the beans are roasted to bring out their distinctive aromas before the cocoa nibs are slowly refined into smooth chocolate. Time, temperature and technique play a vital role throughout the process, allowing chocolate to develop its rich flavor, velvety texture and glossy finish before it is crafted into the final chocolate bar.

The Bean to Bar Story goes beyond explaining how chocolate is made. It highlights the many stages and skilled craftsmanship involved in transforming a simple cocoa bean into a bar of chocolate. It showcases the thoughtful process that shapes the Revello experience.

Consumers can continue exploring Revello’s complete Bean to Bar journey and discover more about its range of premium chocolates by visiting www.revello.lk. The newly launched website serves as the brand’s digital home, offering an interactive experience that brings the journey of real chocolate from bean to bar to life.