Section 388. Provisions as to information if receiver or receiver and manager appointed

(1) If a receiver or receiver and manager of the property of a company is appointed, the receiver or receiver and manager shall send a notice on his appointment to the company and the company shall, submit to the receiver or receiver and manager a statement as to the affairs of the company in accordance with this section within fourteen days from receipt of the notice or such longer period as may be allowed by the Court.

(2) The receiver or receiver and manager shall within thirty days from the receipt of the statement under subsection (1) or such longer period as the Court may allow—

(a) lodge with the Registrar a copy of the statement and any comments the receiver or receiver and manager thinks fit to make on the statement;

(b) send to the company a copy any such comments or, if the receiver or receiver and manager does not think fit to make any comment, a notice to that effect; and

(c) if the receiver or receiver and manager is appointed by or on behalf of debenture holders, send to the debenture holders’ representative a copy of the statement and his comments in the statement or, if the receiver or receiver and manager does not think fit to make any comment, a notice to that effect.

(3) Subsections (1) and (2) shall not apply in relation to the appointment of a receiver or receiver and manager to act—

(a) with an existing receiver or receiver and manager; or

(b) in place of a receiver or receiver and manager ceasing to act,

except that, where subsections (1) and (2) apply to a receiver or receiver and manager who dies or ceases to act before the subsections have been fully complied with, the references in subsections (1) and (2) to the receiver or receiver and manager shall be, subject to subsection (4) include references to his successor and to any continuing receiver or receiver and manager.

(4) If the company is being wound up, this section and sections 389, 390, 391 and 392 shall apply notwithstanding that the receiver or receiver and manager and the liquidator are the same person, but with any necessary modifications arising from that fact.

(5) The receiver or receiver and manager who contravene this section commits an offence, and in the case of a continuing offence, to a further fine not exceeding five hundred ringgit for each day during which the offence continues after conviction.