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Pengurusan Danaharta Nasional Berhad Act 1998 · Updated to 1 Feb 2013 · Part VI · Management of Assets and Liabilities

44. Special Administrator to prepare proposal

(1)

The Special Administrator shall as soon as reasonably practicable from the date of his appointment prepare and submit to the Corporation a proposal setting forth the Special Administrator’s plan with respect to the affected person.

(1A)

The proposal of the Special Administrator or any modification to the proposal under section 48 may include any provision as the

Special Administrator thinks fit.

(1B)

Without prejudice to the generality of the foregoing, the proposal may include provision for—

(a)

a compromise or arrangement between the affected person and its creditors or any class of them or between the affected person and its members or any class of them or between the affected person and its debtors or any class of them;

(b)

the alteration or reduction of all or part of the share capital of the affected person;

Pengurusan Danaharta Nasional Berhad 51

(c)

the sale of all or part of the undertaking or property of the affected person;

(d)

the transfer to a company of the whole or any part of the undertaking, property or liabilities of the affected person;

(e)

the transfer to any company of all or part of the shares, or all the shares of a particular class, in the affected person;

(f)

the continuation by or against the company referred to in paragraph (d) of any legal proceedings pending by or against the affected person;

(g)

the dissolution without winding up of the affected person;

(h)

any other provision necessary to ensure that the Special

Administrator’s proposal or plan or any compromise, arrangement, reconstruction or amalgamation with respect to the affected person shall be fully and effectively carried out.

(2)

Upon receiving the proposal from the Special Administrator the

Corporation shall submit the proposal to the Independent Advisor appointed under section 26.

(3)

The Independent Advisor shall review the reasonableness of the proposal taking into consideration the interests of the unsecured creditors, secured creditors and members of the affected person and as soon as reasonably practicable provide his report to the

Corporation.

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;
Open s 21
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;
Open s 2
Corporation
Defined · s 2
“Corporation” means the Pengurusan Danaharta Nasional Berhad;
Open s 2
Independent Advisor
Defined · s 2
“Independent Advisor” means a person appointed under section 26;
Open s 2
liabilities
Defined · s 2
“liabilities” includes debts and obligations of every kind, whether present or future, or whether vested or contingent;
Open s 2
property
Defined · s 2
“property” means any movable or immovable property and includes— (a) any right, interest, title, claim, chose in action, power or privilege, whether present or future, or whether vested or contingent; (b) any conveyance executed for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of movable property or immovable property; (c) any security, including any stock, share, debenture, bonds, loan stocks, transferable subscription rights or warrants; (d) any negotiable instrument, including any bank note, bearer note, bill of exchange, promissory note, cheque and negotiable certificate of deposit; (e) any mortgage or charge, whether legal or equitable, guarantee, lien or pledge, whether actual or constructive, letter of hypothecation or trust receipt, indemnity, undertaking or other means of securing payment or 12 Laws of Malaysia discharge of a debt or liability, whether present or future, or whether vested or contingent; and (f) any other tangible or intangible property;
Open s 2
Special Administrator
Defined · s 2
“Special Administrator” means the person appointed under section 23 or 24;
Open s 2

Report

Read on from s 45

Part VII

Additional Rights

Read on from Part VII

Part VIII

Application of Other Acts

Read on from Part VIII

Part IX

Application of the Act

Read on from Part IX

Part X

General

Read on from Part X