Section 2 — AKTA INSOLVENSI RENTAS SEMPADAN 2026

(a)

the Official Receiver as defined in section 2 of the

Companies Act 2016 [Act 777];

(b)

a person appointed under the Companies Act 2016

to act in any of the following capacities:

(i)

liquidator or interim liquidator, whether in a compulsory or voluntary winding up;

(ii)

judicial manager or interim judicial manager in judicial management;

(iii)

nominee or supervisor of a corporate voluntary arrangement; or

(iv)

representative of a scheme of compromise or arrangement;

(c)

a person approved under the Labuan Companies Act 1990

[Act 441] as an approved liquidator;

(d)

any other person appointed by the Court under subsection 6(2)

to act in a foreign State on behalf of any proceedings; or

(e)

any other such person or body recognized under any written law in Malaysia in a collective judicial or administrative proceedings in Malaysia, including interim proceedings, under the law relating to insolvency in which proceedings the property and affairs of the debtor are subject to control or supervision by the Court, for the purposes of reorganization or liquidation;

“debtor” means—

(a)

a corporation as defined in section 3 of the Companies

Act 2016 but does not include limited liability partnership and foreign limited liability partnership; or

(b)

a corporation as defined in section 2 of the Labuan

Companies Act 1990;

Act 877

“foreign proceedings” means collective judicial or administrative proceedings in a foreign State, including interim proceedings, under the law relating to insolvency in which proceedings the property and affairs of the debtor are subject to control or supervision by a foreign court, for the purposes of reorganization or liquidation;

“foreign non-main proceedings” means foreign proceedings other than foreign main proceedings taking place in a foreign State where a debtor has an establishment;

“foreign main proceedings” means foreign proceedings taking place in a foreign State where the debtor has its centre of main interests;

“Malaysian insolvency law” means—

(a)

this Act;

(b)

subdivisions 2 and 3 of Division 7 of Part III, Division 8

of Part III, and Parts IV and V of the Companies Act 2016;

(c)

sections 74, 127, 130zb, 131, 131a, 151c and 151d of the Labuan Companies Act 1990;

(d)

any subsidiary legislation made under this Act, the Companies Act 2016, the Labuan Companies Act 1990

and the Courts of Judicature Act 1964 [Act 91]; and

(e)

the common law of Malaysia relating to or in connection with any provision of this Act, the Companies Act 2016, the Labuan Companies Act 1990 and the Courts of Judicature Act 1964 or any provision of any subsidiary legislation made under this Act, the Companies

Act 2016, the Labuan Companies Act 1990 and the Courts of Judicature Act 1964;

“foreign representative” means a person or body appointed, including a person or body appointed on an interim basis, and authorized in foreign proceedings to administer the reorganization or liquidation of a debtor’s property or affairs or to act as a representative of the foreign proceedings.

(2)

In interpreting this Act, regard shall be had to its international origins and to the need to promote uniformity in its application and the observance of good faith.

Cross-Border Insolvency 11

Application