Malaysia legislation
Section 12
Section 12
(2)
The Authority may revoke any approval given under subsection (1).
(3)
The Authority shall keep a register of approved liquidators.
(4)
No person shall be appointed or shall act as liquidator of a
Labuan company—
(a)
if he is not an approved liquidator;
(b)
if he is indebted to the company in liquidation or to a company which is deemed to be related to that company in liquidation by virtue of section 4 in an amount exceeding twenty thousand ringgit or an equivalent amount in any other currency; or
(c)
if he has not consented in writing to such appointment.
(4A)
If default is made in complying with this section, the person who is in default commits an offence under this Act.
Penalty: Fifty thousand ringgit or imprisonment for a term not exceeding three years or both.
(5)
Where an approved liquidator is appointed to be a liquidator of a Labuan company, whether by the Court or in a voluntary winding up, he shall forthwith notify the Authority in writing of any interest
34 Laws of Malaysia ACT 441
which he has in the Labuan company as an officer, employer or employee of the Labuan company or as a partner, employer or employee of an officer of the Labuan company, and any interest which any company related to him has in the Labuan company.
(6)
An approved liquidator shall lodge or file any document required to be lodged or filed under this Act within the stipulated period.
(7)
An approved liquidator who fails to comply with subsection (6) commits an offence under this Act.
Registers