Section 21

staying the commencement of or continuation of any individual action or proceedings concerning the property, rights, obligations or liabilities of the debtor, to the extent such action or proceedings have not been stayed under paragraph 20(1)(a);

staying any execution against the property of the debtor, to the extent such execution has not been stayed under paragraph 20(1)(b);

suspending the rights to transfer, encumber or otherwise dispose of any property of the debtor, to the extent such right has not been suspended under paragraph 20(1)(c);

for the examination of witnesses, the taking of evidence or the delivery or production of information concerning the property, affairs, rights, obligations or liabilities of the debtor;

entrusting the administration or realization of the whole or any part of the property of the debtor located in Malaysia to the foreign representative or such other person as the

Court may appoint, for the purpose of protecting and preserving the value of such property;

extending any relief granted under subsection 19(1); and

that may be available to a Malaysian insolvency office-holder under the laws of Malaysia.

Act 877

If relief is granted under paragraph (1)(e) to a foreign representative or such other person as the Court may appoint, the Court may, on the application of the foreign representative or such other person as the Court may appoint, where the distribution applied for involves the transfer of any property of the debtor to any person outside Malaysia, the foreign representative or such other person as the Court may appoint shall first obtain leave of the Court, and such leave shall only be granted if the Court is satisfied that the interests of creditors in Malaysia are adequately protected.

For the purposes of subsection (2), before making any order for the transfer of any property of the debtor to any person outside

Malaysia, the Court shall ensure that the foreign representative or such other person as the Court may appoint has certified or provided a guarantee to the Court that the claim of creditors in Malaysia, whose debts do not exceed the threshold as prescribed by the Minister by order published in the Gazette, have been met and satisfied from the property applied to be so transferred.

In granting relief under subsection (1) to a foreign representative of foreign non-main proceedings, the Court shall be satisfied that such relief relates to—

Nothing in paragraphs (1)(a), (b), (c), (e) and (g), and subsection (2) shall affect the rights to commence or continue any criminal proceedings or any action or proceedings by any person or body having regulatory, supervisory, investigative or enforcement functions of a public nature, where such action or proceedings is brought in the exercise of those functions.

For the purposes of this section, the Minister, after consultation with the Minister of Finance and the Minister charged with the responsibility for companies, may amend the threshold referred to in subsection (3), by order published in the Gazette.

Cross-Border Insolvency 23

Protection of creditors and other interested persons