ACT 125

COMPANIES ACT 1965 (REVISED - 1973)

PART VIII - RECEIVERS AND MANAGERS

Section 188. Provisions as to information where receiver or manager appointed.

(1) Where a receiver or manager of the property of a company (in this section and in section 189 called "the receiver"), is appointed— (a) the receiver shall forthwith send notice to the company of his appointment; (b) there shall, within fourteen days after receipt of the notice, or such longer period as may be allowed by the Court or by the receiver, be made out and submitted to the receiver in accordance with section 189 a statement in the prescribed form as to the affairs of the company; and (c) the receiver shall within one month after receipt of the statement— (i) lodge with the Registrar, a copy of the statement and of any comments he sees fit to make thereon; (ii) send to the company, a copy of any such comments as aforesaid, or if he does not see fit to make any comment, a notice to that effect; and (iii) where the receiver is appointed by or on behalf of the holders of debentures of the company send to the trustees, if any, for those holders, a copy of the statement and his comments thereon. (2) Subsection (1) shall not apply in relation to the appointment of a receiver or manager to act with an existing receiver or manager or in place of a receiver or manager dying or ceasing to act, except that, where that subsection applies to a receiver or manager who dies or ceases to act before that subsection has been fully complied with, the references in paragraphs (b) and (c) thereof to the receiver shall (subject to subsection (3)) include references to his successor and to any continuing receiver or manager. (3) Where the company is being wound up this section and section 189 shall apply notwithstanding that the receiver or manager and the liquidator are the same person, but with any necessary modifications arising from that fact. (4) If any person makes default in complying with any of the requirements of this section, he shall be guilty of an offence against this Act. Penalty: Two thousand ringgit. Default penalty.