Malaysia legislation
Section 10
Section 10
The principal Act is amended by substituting for section 367
the following section:
Quoted provision
Section 367
(2)
The insolvency practitioner appointed under subsection (1) shall prepare a report on the viability of the proposed compromise or arrangement and shall table the report at the meeting of creditors or members held under section 366.
(3)
Notwithstanding subsection (1), the Court shall appoint an insolvency practitioner for the company when—
(a)
the company makes an application under section 368b, 368d or 369c; or
(b)
a related company of the company makes an application under section 368a.
(4)
The insolvency practitioner appointed under this section—
(a)
shall have the right of access to all the records of the company at all reasonable times; and
(b)
shall be entitled to require from any officer of the company any information and explanation as he may require for the purposes of his duty.
(5)
Where an insolvency practitioner is appointed under subsection (3), the insolvency practitioner shall prepare and submit a report on the progress of the proposed compromise or arrangement to the Court in the manner as the Court may determine before the compromise or arrangement is approved pursuant to subsection 366(4).
(6)
The insolvency practitioner appointed under this section shall be entitled to receive a remuneration—
(a)
as agreed between the company and the insolvency practitioner; or
(b)
where there is no agreement between the company and the insolvency practitioner, as fixed by the Court in an order made under subsection (1) or (3).
(7)
In making an order under paragraph (6)(b), the Court may state the person by whom the remuneration of the insolvency practitioner shall be paid.”.
Companies (Amendment)
13
Amendment of section 368