Malaysia legislation
Section 33
of Act 125
Section 33
Where—
(a)
a licensed borrowing company informs the Central Bank—
(i)
that it considers that it is likely to become unable to meet its obligations; or
(ii)
that it is about to suspend payment; or
(b)
a licensed borrowing company becomes unable to meet its obligations or suspends payment; or
(c)
after an investigation is made under this Part the Central Bank is of the opinion that a licensed borrowing company—
(i)
is likely to become unable to meet its obligations or is about to suspend payment; or
(ii)
is carrying on its business in a manner detrimental to the interests of its depositors, the Central Bank may—
(i)
require the licensed borrowing company forthwith to take such steps as the Central Bank may consider necessary or expedient;
(ii)
appoint a person to advise the licensed borrowing company in the proper conduct of its business;
(iii)
assume control of and carry on the business of the licensed borrowing company; or
(iv)
present a petition to the High Court for the winding up of the licensed borrowing company by the Court.