LAWS OF MALAYSIA - AGC

1 laws OF MALAYSIAREPRINTAct 360 BANKRUPTCY ACT 1967 Incorporating all amendments up to 1 January 2006 PUBLISHED BYTHE COMMISSIONER OF LAW REVISION, MALAYSIAUNDER THE AUTHORITY OF THE REVISION OF laws ACT 1968IN COLLABORATION WITHPERCETAKAN NASIONAL MALAYSIA BHD2006 laws of Malaysia2 ACT 360 BANKRUPTCY ACT 1967 First (Act 55 of 1967) ..1988 (Act 360 December 1988)PREVIOUS REPRINTF irst ..2001 Bankruptcy3 laws OF MALAYSIAAct 360 BANKRUPTCY ACT 1967 ARRANGEMENT OF title and IPROCEEDINGS FROM ACT OF BANKRUPTCYTO DISCHARGEActs of of bankruptcyReceiving to make receiving on which creditor may and order on creditor s s petition and order of receiving may detain or order arrest of debtor and commit him to prisonunless he gives security not to leave powers as to appointment of interim receiver and stayof of order staying to appoint special managerLaws of Malaysia4 ACT of receiving of court to rescind

2 Receiving order in certain casesProceedings consequent on Receiving and other meetings of s statement of affairsPublic Examination of examination of debtorComposition or Scheme of for creditors to accept and court to approve composition of composition or deed of arrangement valid except under section 18 or 26 for collusive of Minister to make of registersAdjudication of of to accept composition or scheme after bankruptcy adjudicationControl over Person and Property of of debtor as to discovery and realization of of debtor under certain of debtor on of letters and of debtor s General of Insolvency to settle list of debtors to the estateDischarge of of bankrupt by order of court of bankrupt by Certificate of Director General of by creditor to discharge of bankrupt under section of bankrupt to give assistancePART IIDISQUALIFICATION AND DISABILITIES OF of offices by bankruptcyUndischarged of refusal of to prevent bankrupt from leaving of undischarged bankrupts to be keptPART IIIADMINISTRATION OF

3 PROPERTYP roof of of debts provable in credit and as to proof of of claim in case of apprenticeship and in respect of to landlord to distrain for of husband s or wife s claimsProperty Available for Payment of back of Director General of Insolvency s of bankrupt s property divisible amongst as to second bankruptcyEffect of Bankruptcy on Antecedent of rights of creditor under execution or attachmentLaws of Malaysia6 ACT taken in of voluntary of preferences in certain of assignment of book or proceeds therefrom deemed to be property of DirectorGeneral of market value may be fixed on of bona fide transactions without noticeRealization of of property by of property of of portion of pay or salary to and transfer of of onerous of Director General of Insolvency to deal with exercisable by Director General of Insolvency subject to ordersof courtDistribution of and distribution of and separate for creditors residing at a distance.

4 Of creditor who has not proved debt before declaration of action for to allow bankrupt to manage of bankrupt to surplusPART IVDIRECTOR GENERAL OF of Director General of Insolvency and other of Director General of of Director General of Insolvency as regards the debtor s of Director General of Insolvency as to debtor s of Director General of Insolvency and person acting underhis direction or and taxation of costsReceipts, Payments, Accounts, Estates of surplus and audit of Director General of Insolvency s General of Insolvency to furnish list of to be kept by Director General of examination of Director General of Insolvency s of Director General of InsolvencyOfficial name of Director General of InsolvencyVacation of Office on of Director General of Insolvency vacated by insolvencyAdditional powers of Director General of powers of Director General of Insolvency and to court against Director General of of court over Director General

5 Of InsolvencyLaws of Malaysia8 ACT 360 PART VCONSTITUTION, PROCEDURE AND POWERSOF Court to be the court having jurisdiction in in Chambers of in bankruptcy of power of bankruptcy in powers of the of to change carriage of of proceedings on death of to stay to present petition against one to dismiss petition against some respondents of bankruptcy proceedings by or against by Director General of Insolvency and bankrupt s on joint in partnership provisions relating to Singapore and designated countriesAnnulment of of court to annul adjudication in

6 Certain casesPART VISMALL administration in small public examination in small casesPART VIIFRAUDULENT DEBTORS AND of fraudulent failing to keep proper incurring debt without reasonable ground of expectation ofpaying for absconding with for absconding in order to avoid service of bankruptcy processor embarrass bankruptcy on fraudulently obtaining credit, on false claims, incurred by fraud117.(Deleted) Court to have full jurisdiction to try liability after discharge or of chargePART VIIISUPPLEMENTAL PROVISIONSA pplication of to married of corporations and in bankruptcy of estate of person dying insolventGeneral to make to be evidenceLaws of Malaysia10 ACT of proceedings at meetings of of proceedings in of of of noticesFormal defect not to invalidate proceedingsStamp of deeds, etc.

7 , from stamp dutyCorporations, Firms and Mentally Disordered of corporations, firms and mentally disordered personsUnclaimed Funds or or undistributed moneyDebtor s to debtor s booksRepeals and Special Provisions136.(Omitted) provisions for States of of District Officers, Sarawak and provisions for Sarawak and SabahSCHEDULE ASCHEDULE BSCHEDULE CBankruptcy11 laws OF MALAYSIAAct 360 BANKRUPTCY ACT 1967An Act relating to the law of bankruptcy.[30 September 1967]BE IT ENACTED by the Seri Paduka Baginda Yang di-PertuanAgong with the advice and consent of the Dewan Negara andDewan Rakyat in Parliament assembled, and by the authority ofthe same, as follows:PRELIMINARYS hort title and application1.

8 (1) This Act may be cited as the Bankruptcy Act 1967.(2) This Act shall apply throughout this Act, unless the context otherwise requires advocate means any person entitled to practise as an advocateor as a solicitor or as an advocate and solicitor under any law inany part of MALAYSIA ; affidavit includes attestation on honour; available act of bankruptcy means any act of bankruptcy availablefor a bankruptcy petition at the date of the presentation of thepetition on which the receiving order is made; bankruptcy petition includes a petition for a receiving order.

9 laws of Malaysia12 ACT 360 Chief Judge means the Chief Judge of the High Court inMalaya or of the High Court in Sabah and Sarawak, as the casemay require; consultative committee means the committee appointed undersection 25; the court means the court having jurisdiction in bankruptcyunder this Act; debt provable in bankruptcy or provable debt includes anydebt or liability by this Act made provable in bankruptcy; deed of arrangement includes any of the following instruments,whether under seal or not, made by, for, or in respect of the affairsof a debtor for the benefit of his creditors generally:(a)an assignment of property;(b)a deed or agreement for a composition;and in cases where creditors of a debtor obtain any controlover the property or business (c)a deed of inspectorship entered into for the purpose ofwinding-up or carrying on a business.

10 (d)a letter of licence authorizing the debtor or any otherperson to manage, carry on, realize or dispose of a businesswith a view to the payment of debts; and(e)any agreement or instrument entered into for the purposeof carrying on or winding up the debtor s business, orauthorizing the debtor or any other person to manage,carry on, realize or dispose of the debtor s business witha view to the payment of his debts; Director General of Insolvency includes any officer appointedunder section 70 and authorized to exercise the powers of theDirector General of Insolvency; gazetted means published in the official Gazette of Malaysiaor of any State (as the case may req)