Malaysia legislation
Section 9
Section 9
Amendment of section 366
(a)
by substituting for subsection (1) the following subsection:
“(1) The Court may order a meeting in a summary way to be summoned in such manner as the Court directs on an application to the Court for the approval of a compromise or arrangement by—
(a)
a company;
(b)
a creditor or class of creditors of a company;
(c)
a member or class of members of a company;
(d)
a liquidator, if a company is being wound up;
or
(e)
a judicial manager, if a company is under judicial management.”; and
(b)
by inserting after subsection (2) the following subsection:
“(2a) All meetings held pursuant to an order of the Court made under subsection (1) shall be chaired by a person who is—
(a)
an insolvency practitioner appointed under subsection 367(3); or
(b)
a person elected by the majority in value of the creditors or class of creditors or members or class of members, if no insolvency practitioner has been appointed under subsection 367(3).”.
Substitution of section 367