Malaysia legislation
Section 131
Section 131
Liquidator’s objectives on a winding up of a member institution
(a)
to work with the Corporation for the purpose of ensuring that—
(i)
each depositor with an insured deposit, as determined by the Corporation; or
(ii)
each takaful beneficiary or insured person with a protected benefit, as determined by the Corporation, as soon as practicable—
(A)
has the relevant deposit liability or takaful or insurance benefit liability transferred to and assumed by another person; or
(B)
receives payment from, or made on behalf of, the
Corporation; and
(b)
to wind up the affairs of the member institution in a manner designed to achieve the best result for the creditors of the member institution as a whole.
(2)
The objective in paragraph (1)(a) takes precedence over the objective in paragraph (1)(b) and a liquidator shall begin working towards both objectives immediately upon appointment.
Continuation of family takaful business