Cross-Border Insolvency Act 2026 · Updated to 30 Jan 2026 · Part V · Concurrent Proceedings
32. Rule of payment in concurrent proceedings
Feedback & supportWithout prejudice to security claims or rights in rem, a creditor who has received part payment in respect of his claim in any proceedings under the law relating to insolvency in a foreign State shall not receive payment for the same claim in proceedings under Malaysian insolvency law regarding the same debtor, so long as the payment to the other creditors of the same class is proportionately less than the payment the creditor has already received.
Malaysian insolvency law
“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; 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;