Malaysia legislation
Section 22
of Act 627
Section 22
Requirement to notify in the event of insolvency, etc.
(a)
is insolvent or is likely to become insolvent;
(b)
has become or is likely to become unable to meet any or all of his obligations; or
(c)
has suspended payments or compounded with his creditors, such operator shall immediately notify the participants of the designated payment system.
(2)
Where a participant of a designated payment system—
(a)
is insolvent or is likely to become insolvent;
(b)
has become or is likely to become unable to meet any or all of his obligations; or
(c)
has suspended payments or compounded with his creditors, such participant shall immediately notify the operator who shall notify the other participants of the designated payment system.