Section 423. Duty to manage company’s affairs, etc., in accordance with approved proposals

(1) Where the judicial manager’s proposal have been approved by a meeting of creditors held under section 421, and subject to any order under section 425, the judicial manager shall have a duty to manage the affairs, business and property of the company in accordance with the proposal.

(2) Where the judicial manager proposes to make substantial revisions of an approved proposal, the judicial manager shall—

(a) send a statement of the proposed revisions to all creditors of the company to the last known address of all the creditors; and

(b) lay a copy of the statement before the creditor’s meeting summoned of not less than fourteen days’ notice.

(3) The judicial manager shall also either—

(a) send a copy of the statement to all members of the company to the last known address of all the members; or

(b) publish a notice stating an address to which the members of the company should write for copies of the statement to be sent to them free of charge in one widely circulated newspaper in Malaysia in the national language and one widely circulated newspaper in Malaysia in the English language.

(4) The majority of seventy-five per centum in value of creditors, present and voting at the creditor’s meeting summoned under subsection (2) either in person or by proxy whose claims have been accepted by the judicial manager, may approve the proposed revisions with modifications but shall not do so unless the judicial manager consents each modification.

(5) After the conclusion of a meeting summoned under subsection (2), the judicial manager shall give notice of the result of the meeting to the Registrar or to such other persons or bodies as the Court may approve.