Malaysia legislation
Section 18
Section 18
Section 411 of the principal Act is amended by inserting after subsection (4) the following subsection:
“(5) Notwithstanding paragraph (4)(d), a secured creditor may, after giving notification to the judicial manager, enforce security over the company’s movable property or repossess any goods in the company’s possession under any hire purchase agreement, chattels leasing agreement or retention of title agreement while a judicial management order is still in force on any or all of the following conditions:
(a)
the judicial manager confirms that the goods or movable property is not required by the company which is under the judicial management order;
(b)
the judicial management order poses a high risk to the existence of the goods or movable property; or
(c)
the value of the goods or movable property decreases due to the judicial management order.”.
Companies (Amendment)
35
New section 415a