Malaysia legislation
Section 44
Section 44
(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.
The Corporation to consider proposal