Malaysia legislation
Section 396
Section 396
(2)
The proposal for a voluntary arrangement under this
Subdivision shall include the appointment of a nominee either as a trustee or supervisor for the purpose of supervising the implementation of the voluntary arrangement.
(3)
A proposal for a voluntary arrangement may also be made—
(a)
by a judicial manager if a company is under a judicial management order; or
(b)
by a liquidator if a company is being wound up, who may also be the nominee for the voluntary arrangement.
(4)
In the case where the liquidator is the Official Receiver, the nominee shall be an insolvency practitioner.
Proposal for voluntary arrangement