Section 45
Requirement to notify in event of insolvency, etc.
of Financial Services Act 2013
Where an operator of a certified designated payment system—
*NOTE―The Companies Act 1965 [Act 125] has been repealed by the Companies Act 2016 [Act 777]
which comes into operation on 31 January 2017―see subsection 620(1) of Act 777.
**NOTE—Previously known as the Bankruptcy Act 1967 [Act 360] and later is known as the Insolvency
Act 1967 [Act 360] vide section 5 of the Bankruptcy (Amendment) Act 2017 [Act A1534] which comes into operation on 6 October 2017 —see section 5 of the Bankruptcy (Amendment) Act 2017 [Act A1534].
—see P.U. (B) 466/2017.
Financial Services 81
(a)
is insolvent or is likely to become insolvent;
(b)
has become or is likely to become unable to meet any or all of its obligations; or
(c)
has suspended payments or compounded with its creditors, such operator shall immediately notify the participants of the certified designated payment system.
(2)
Where a participant of a certified 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 its obligations; or
(c)
has suspended payments or compounded with its creditors, such participant shall immediately notify the operator who shall notify the other participants of the certified designated payment system.
(3)
Any person who contravenes subsection (1) or (2) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.