Malaysia legislation
Section 42A
Section 42A
(a)
from a person who was at the time of the acquisition a director of the affected person; or
(b)
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.
(2)
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—
(a)
to a person who was at the time of the sale a director of the affected person; or
(b)
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.
(3)
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.
Vacation of office of receiver, etc.