Pengurusan Danaharta Nasional Berhad Act 1998 · Updated to 1 Feb 2013 · Part VI · Management of Assets and Liabilities
47. Implementation of proposal
Official textFrom Laws of Malaysia Online, unchanged
Subject to sections 46, 48 and 49, the Special Administrator shall implement the proposal in accordance with its terms.
Special Administrator
“Special Administrator” means the person appointed under section 23 or 24;
The Special Administrator shall—
within fourteen days from the date of the approval of the proposal by the secured creditors of the affected person under section 46;
where there are no secured creditors known to the Special
Administrator, within fourteen days from the date of the approval of the proposal by the Corporation under subsection 45(2); or
within fourteen days from the date of the approval of the proposal under subsection 48(6), cause to be published in at least two national daily newspapers, one of which shall be in the national language, the approval of the proposal and the time and place for any creditor of the affected person to examine the details of the proposal.
Notwithstanding the provisions of any law or contract, a proposal approved or modified under this Act may be implemented, and the Special Administrator shall have the power to implement and do all things necessary to fully and effectively carry out and give effect to the proposal or any part of the proposal without the need for any notice to or approval or consent of any member or creditor of the affected person or any other person affected by the proposal, or approval of or confirmation by a court and any such notice, approval, consent or confirmation (whether required under any law or contract or otherwise) shall be deemed to have been duly given or obtained, as the case may be.
creditor
“creditor” means any person who is owed a liability by the affected person;
Where any part of the assets of the affected person is subject to the rights of the secured creditors or any other person and a proposal has been approved under this Act, the Special Administrator shall be entitled to deal with such asset in the manner set out in the proposal.
asset
“asset” includes any credit facility, property and business or enterprise of any kind;
Pengurusan Danaharta Nasional Berhad 55
The Special Administrator shall apply all proceeds realised in the implementation of the proposal in the manner set out in the proposal.
Where a Special Administrator transfers property or liabilities pursuant to a proposal, then that property shall be transferred to and vest in, and those liabilities shall be transferred to and become the liabilities of, the transferee, free in the case of any particular property if the proposal so directs, from any charge, caveat or other encumbrance.
property
“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;
Notwithstanding anything to the contrary in any law, the
Corporation or any related company (as defined in the Companies
Act 1965) or subsidiary of the Corporation may acquire any property of, or marketable securities issued by, the affected person.
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;
Notwithstanding anything to the contrary in any law, the
Special Administrator shall have the power to do all things necessary to give effect to and to implement the proposal approved in accordance with sections 44 to 46 or modified in accordance with section 48.
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;
creditor
Defined · s 2“creditor” means any person who is owed a liability by the affected person;
liabilities
Defined · s 2“liabilities” includes debts and obligations of every kind, whether present or future, or whether vested or contingent;
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;
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