Pengurusan Danaharta Nasional Berhad Act 1998 · Updated to 1 Feb 2013 · Part VI · Management of Assets and Liabilities
40. Disclaimer
Official textFrom Laws of Malaysia Online, unchanged
Subject to subsection (3), where any part of the asset of the affected person consists of—
asset
“asset” includes any credit facility, property and business or enterprise of any kind;
any interest in land which is burdened with onerous covenants;
shares in corporations;
unprofitable contracts; or
any other asset that is not saleable, or not readily saleable, by reason of its binding the possessor thereof to the performance of any onerous act, or to the payment of any sum of money, the Special Administrator may within twelve months after he becomes aware of any of the above-mentioned asset, disclaim any such asset.
The rights of any person affected by the Special Administrator pursuant to the exercise of his power to disclaim under subsection (1)
Special Administrator
“Special Administrator” means the person appointed under section 23 or 24;
shall be dealt with in the manner set out in the proposal and any compensation to such person shall rank as an unsecured debt.
The Special Administrator may not exercise his power under subsection (1) to disclaim any market contract.
For the purpose of subsection (3), a “market contract” shall have the meaning assigned to it under section 126B of the Securities
46 Laws of Malaysia
Industry Act 1983 and shall include futures contracts traded on futures market that are cleared through an approved clearing house.
Terms defined in this Act
affected person
Defined · s 21“affected person” means— (a) any company owing a duty or liability under a credit facility to the Corporation or any subsidiary of the Corporation, whether present, future, vested or contingent; (b) any subsidiary of the company referred to in paragraph (a); (c) any company which has provided security for the performance of or discharge of a duty or liability owed by any person to the Corporation or any subsidiary of the Corporation, whether present, future, vested or contingent; or Pengurusan Danaharta Nasional Berhad 31 (d) any company where at least two per cent of its share capital has been charged, pledged or mortgaged by any person to secure the performance of or discharge of a duty or liability owed by any person to the Corporation or any subsidiary of the Corporation, whether present, future, vested or contingent;
asset
Defined · s 2“asset” includes any credit facility, property and business or enterprise of any kind;
interest in land
Defined · s 2“interest in land” means— (a) any interest in land, whether registered or registrable, including one to which the Strata Titles Act 1985 applies and which is capable of being transferred under Part Fourteen of the National Land Code or Part V of the Land Ordinance of Sabah or Part VI of the Land Code of Sarawak; (b) any lienholder’s caveat or other caveats; and (c) any other rights and entitlements relating to land; Pengurusan Danaharta Nasional Berhad 11
Special Administrator
Defined · s 2“Special Administrator” means the person appointed under section 23 or 24;
Part VII
Additional Rights
Part VIII
Application of Other Acts
Part IX
Application of the Act
Part X