Section 419. Company’s statement of affairs

(1) The company’s statement of affairs required to be submitted to the judicial manager under subsection 418(2) shall show as at the date of the judicial management order—

(a) the particulars of the company’s assets, debts and liabilities;

(b) the names and addresses of its creditors;

(c) the securities held by the creditors respectively;

(d) the dates when the securities were respectively created; and

(e) such other information as may be determined by the Registrar.

(2) The statement shall be submitted by, and be verified by affidavit of, at least one of the directors who was, at the date of the judicial management order, the director of the company and at least one other person approved by the judicial manager from the following categories:

(a) person who is or has been an officer of the company;

(b) person who has taken part in the formation of the company at any time within one year before the date of the judicial management order; or

(c) person who is in the employment of the company including a person who is employed under a contract for services, or has been in the employment of the company within that year, and is in the opinion of the judicial manager capable of giving the information required.

(3) Any person making the statement and affidavit shall be allowed and shall be paid by the judicial manager, out of his receipts, such costs and expenses incurred in and about the preparation and making of the statement and affidavit as the judicial manager may consider reasonable, subject to an appeal to the Court by the person making the statement.

(4) Any statement of affairs prepared under this section may be used in evidence against any person making or concurring in making the statement of affairs.

(5) The judicial manager shall lodge a copy of the statement of affairs with the Registrar within seven days from the receipt of such statement from the company.

(6) Any person who, without reasonable excuse, contravenes 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.