Section 433. Qualification of liquidator

(1) Subject to this section, a person other than the Official Receiver who is appointed interim liquidator or liquidator in a winding up by the Court shall not, except with the leave of the Court, be qualified for an appointment as an interim liquidator or liquidator of a company if—

(a) he is not an approved liquidator;

(b) he is indebted to the company or to a corporation that is deemed to be related to the company by virtue of section 7 in an amount exceeding twenty-five thousand ringgit;

(c) he is an officer of the company;

(d) he is a partner, employer or employee of an officer of the company;

(e) he is a partner or employee of an employee of an officer of the company;

(f) he assigns his estate for the benefit of his creditors or has made an arrangement with his creditors under any law relating to bankruptcy;

(g) if he becomes bankrupt; or

(h) if he is convicted of an offence involving fraud or dishonesty punishable on conviction by imprisonment for three months or more.

(2) Paragraphs (1)(a) and (c) shall not apply to—

(a) a members’ voluntary winding up; or

(b) a creditors’ voluntary winding up if, by a resolution carried by a majority of the creditors in number and value present in person or by proxy and voting at a meeting of which seven days’ notice has been given to every creditor stating the object of the meeting, it is determined that paragraphs (1)(a) and (c) or either of that paragraph shall not apply.

(3) For the purposes of paragraph (1)(a), any person who is a member of a recognized professional body may apply to the Minister charged with the responsibility for finance to be approved as a liquidator for the purposes of this Act.

(4) The Minister charged with the responsibility for finance may approve such person as a liquidator if he is satisfied with experience and capacity of the person and upon payment of the prescribed fee by such person.

(5) For the purposes of subsection (3), the Minister may, in consultation with the Minister charged with the responsibility for finance, prescribe a body to be a recognized professional body.

(6) For the purposes of subsection (1), a person shall be deemed to be an officer of a company if—

(a) the person is an officer of a corporation that is deemed to be related to the company by virtue of section 7; or

(b) the person has been an officer or promoter of the company or of such a corporation at any time within the preceding period of twenty-four months.

(7) A person shall not be appointed as liquidator of a company unless he has consented in writing prior to the appointment to act as such liquidator.

(8) Nothing in this section shall affect any appointment of a liquidator made before the commencement of this Act.