Malaysia legislation
Section 20J
Section 20J
Companies Commission of Malaysia 29
(2)
The surrender of a licence shall not take effect until the
Commission is satisfied that adequate arrangements have been made to meet all liabilities and obligations of the licensed person that are outstanding at the time the notice of surrender was given by the person who has been licensed.
(3)
A surrender of licence made under subsection (1) shall not operate so as to avoid or effect any liability or obligation arising out from any agreement, contract, transaction or arrangement relating to the services or activity carried out by the person who has been licensed by virtue of holding such licence.
30 Laws Of Malaysia ACT 614