In Malaysia, there are specific services that could only be performed by the approved liquidators.
Approval as an approved company liquidator is given by the Ministry of Finance (MOF) as per the Section 433(4C) Companies Act 2016. The MOF then has delegated its power to approve the application of approved liquidators under Section 433 of the Companies Act 2016, to the Accountant General (AG).
Eligible persons who wish to apply to be an approved liquidator are required to submit their application with AG and to sit for and pass the interview with the Committee for the Approval of Approved Liquidator.
Each approval is only valid for 2 years and is renewable every two years.
To be a liquidator, a member must be in possession of a liquidator licence granted by the Accountant General’s Office pursuant to the Companies Act 2016.
The requirements for applying for a liquidator licence are as follows:
1. Must be a Malaysian citizen or permanent resident;
2. Amember of recognised professional body under Section 433(5) on the Companies Act 2016 and hold a valid Practising Certificate;
3. Nota bankrupt, not been convicted in the immediate past 5 years whether within or outside Malaysia of any offence involving fraud or dishonesty relating to the promotion, formation or management of any body which punishable on conviction with imprisonment for three months or more;
4. Possess sufficient working experience in liquidation practice as follows:
(a) 5 years of full-time working experience in the field of liquidation;
(b) Candidates who have left liquidation practice, but still within a 3 years period prior to the application to be approved company liquidators, are still eligible to apply.
(c) For candidates who have left liquidation practice for more than 3 years, they must work for at least 1 year in insolvency in the Malaysian environment.
(d) Experience in other countries can also be considered however, candidate must work for at least 1 year in liquidation in the Malaysian environment.
5. Asponsor letter from an approved liquidator who has supervised the candidate;
6. Must have the capacity in carrying out the duties as a liquidator.