Pengurusan Danaharta Nasional Berhad Act 1998 · Updated to 1 Feb 2013 · Part VI · Management of Assets and Liabilities
42A. Recovery of cash considerations from assets acquired or sold before the appointment of Special Administrator
Official textFrom Laws of Malaysia Online, unchanged
Where any asset has been acquired by the affected person for a cash consideration within a period of two years before the appointment of a Special Administrator under this Act—
asset
“asset” includes any credit facility, property and business or enterprise of any kind;
from a person who was at the time of the acquisition a director of the affected person; or
from a company of which, at the time of the acquisition, a person was a director who was also a director of the affected person, the Special Administrator may recover from the person or company from which the asset was acquired any amount by which the cash consideration for the acquisition exceeded the value of the asset at the time of its acquisition.
Where any asset has been sold by the affected person for a cash consideration within a period of two years before the appointment of a Special Administrator under this Act—
affected person
“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;
to a person who was at the time of the sale a director of the affected person; or
to a company of which, at the time of the sale, a person was a director who was also a director of the affected person, the Special Administrator may recover from the person or company to which the asset was sold any amount by which the value of the asset at the time of sale exceeded the cash consideration.
For the purposes of this section—
“cash consideration”, in relation to an acquisition or sale by the affected person, means consideration for the acquisition or sale payable otherwise than by the issue of shares in the affected person;
“value of the asset” includes the value of any goodwill or profits which might have been made from the asset or similar considerations;
and
50 Laws of Malaysia
“director” has the meaning as assigned to it in the Companies Act 1965.
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;
company
Defined · s 2“company” means a company incorporated under the Companies Act 1965 and includes a corporation within the meaning assigned to the term “corporation” under the Companies Act 1965;
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