COMPANIES ACT 2016
insolvency practitioner” means a person who is an approved liquidator other than the Official Receiver
An insolvency practitioner is a professional who has been approved as a liquidator under the Companies Act 2016, but does not include the Official Receiver.
An insolvency practitioner is qualified to administer insolvency proceedings, including the winding up of companies, the realization of assets, the settlement of creditors' claims, and the distribution of the company's assets in accordance with the Companies Act 2016.
The role requires specialised knowledge of insolvency law, corporate restructuring, liquidation procedures, and the duties owed to creditors, shareholders, and the Court.
Who Is an Insolvency Practitioner?
Under the Companies Act 2016, an insolvency practitioner is:
- A person who has been approved as a liquidator under the Act;
- Professionally qualified to conduct insolvency and liquidation proceedings; and
- Not the Official Receiver, who is a public officer appointed under separate legislation.
Accordingly, every insolvency practitioner must be an approved liquidator, but not every approved liquidator acting in a particular case is necessarily an insolvency practitioner if the person is acting as the Official Receiver.
Role of an Insolvency Practitioner
An insolvency practitioner may be appointed to:
- Act as a liquidator in a voluntary winding up;
- Act as a liquidator in a court-ordered winding up where permitted;
- Realise and safeguard the company's assets;
- Investigate the company's financial affairs;
- Admit and adjudicate creditors' claims;
- Distribute available assets according to the statutory order of priority;
- Report to creditors, members, and the Court where required; and
- Complete the winding-up process leading to the dissolution of the company.
Duties of an Insolvency Practitioner
An insolvency practitioner is expected to:
- Act honestly, independently, and impartially;
- Exercise reasonable care, skill, and diligence;
- Protect and preserve the company's assets;
- Act in the best interests of creditors and the company as required by law;
- Comply with the Companies Act 2016 and any court orders; and
- Maintain proper records and accounts throughout the insolvency administration.
Practical Examples
Example 1 – Creditors' Voluntary Winding Up
ABC Sdn. Bhd. is unable to pay its debts and resolves to commence a creditors' voluntary winding up.
The creditors appoint a licensed professional who is an approved liquidator (other than the Official Receiver) to administer the liquidation.
The appointed liquidator is an insolvency practitioner.
Example 2 – Members' Voluntary Winding Up
XYZ Sdn. Bhd. is solvent and decides to wind up voluntarily.
The members appoint an approved liquidator to oversee the liquidation process.
As the liquidator is not the Official Receiver, he or she is an insolvency practitioner under the Companies Act 2016.
Example 3 – Asset Realisation
A company owns machinery, inventory, and commercial property.
The insolvency practitioner takes control of these assets, sells them at market value, settles creditors' claims according to statutory priorities, and distributes any remaining surplus to shareholders where applicable.
Compliance Requirements
An insolvency practitioner should ensure that:
- He or she remains an approved liquidator under the Companies Act 2016;
- All statutory duties are carried out in accordance with the Act;
- Proper books, records, and accounts of the liquidation are maintained;
- Creditors and members receive the reports required by law; and
- The winding-up process is administered fairly, transparently, and professionally.
Importance
The definition of "insolvency practitioner" ensures that company insolvency proceedings are administered by qualified and approved professionals with the expertise to manage complex liquidation matters. By distinguishing insolvency practitioners from the Official Receiver, the Companies Act 2016 provides a clear framework for the appointment and regulation of private insolvency professionals, thereby promoting confidence, fairness, and efficiency in Malaysia's corporate insolvency and restructuring regime.
《2016 年公司法》
破产执业人（Insolvency Practitioner）
“破产执业人”（Insolvency Practitioner） 是指根据《2016 年公司法》获批准担任清盘人（Approved Liquidator），但不包括官方接管人（Official Receiver）的人士。
实务说明（Practical Explanation）
破产执业人（Insolvency Practitioner） 是经《2016 年公司法》批准担任**清盘人（Liquidator）的专业人士，但官方接管人（Official Receiver）**并不属于破产执业人的定义范围。
破产执业人具备专业资格，可依法管理企业的破产及清盘程序（Insolvency Proceedings），包括：
- 公司清盘（Winding Up）；
- 接管及变现公司资产（Realisation of Assets）；
- 审核及处理债权人的债权申报（Creditors' Claims）；以及
- 按照《2016 年公司法》规定分配公司资产。
由于破产程序涉及复杂的法律及财务事务，因此破产执业人必须具备有关企业破产法（Insolvency Law）、公司重组（Corporate Restructuring）、**清盘程序（Liquidation Procedures）**及对债权人、股东及法院所承担职责的专业知识。
谁属于破产执业人？（Who Is an Insolvency Practitioner?）
根据《2016 年公司法》，破产执业人必须符合以下条件：
- 已根据《2016 年公司法》获批准成为认可清盘人（Approved Liquidator）；
- 具备专业资格，可处理公司破产及清盘事务；以及
- 并非官方接管人（Official Receiver），因为官方接管人属于依据其他法律委任的政府公职人员。
因此：
- 每位破产执业人均必须是认可清盘人；
- 但并非所有认可清盘人于任何情况下均属于破产执业人。
例如，当某认可清盘人是以**官方接管人（Official Receiver）**身份履行职务时，则不属于本定义所指的破产执业人。
破产执业人的职责范围（Role of an Insolvency Practitioner）
破产执业人可获委任执行以下工作：
- 担任**自愿清盘（Voluntary Winding Up）**的清盘人；
- 于法律允许情况下，担任**法院命令清盘（Court-Ordered Winding Up）**的清盘人；
- 接管、保管及变现公司的资产；
- 调查公司的财务状况及业务事务；
- 审核及裁定债权人的债权申请；
- 按照法定清偿顺序分配公司资产；
- 按法律规定向债权人、股东及法院提交报告；以及
- 完成整个清盘程序，直至公司正式解散（Dissolution）。
破产执业人的法定职责（Duties of an Insolvency Practitioner）
破产执业人应当：
- 诚实、独立及公正地履行职责；
- 以合理的谨慎、专业技能及勤勉态度执行职务；
- 妥善保管及维护公司的资产；
- 在法律规定范围内，以债权人及公司的最佳利益行事；
- 遵守《2016 年公司法》及法院作出的命令；以及
- 于整个破产管理及清盘过程中，妥善保存完整的账簿、记录及账目。
实务示例（Practical Examples）
例子一：债权人自愿清盘（Creditors' Voluntary Winding Up）
ABC Sdn. Bhd. 无力偿还债务，并决定进行债权人自愿清盘。
债权人委任一名已获批准担任清盘人的专业人士（并非官方接管人）负责整个清盘程序。
该名获委任人士即属于破产执业人（Insolvency Practitioner）。
例子二：成员自愿清盘（Members' Voluntary Winding Up）
XYZ Sdn. Bhd. 具有偿债能力，并决定进行成员自愿清盘。
公司成员委任一名认可清盘人监督整个清盘程序。
由于该清盘人并非官方接管人，因此根据《2016 年公司法》，其属于破产执业人。
例子三：公司资产变现（Asset Realisation）
某公司拥有：
破产执业人接管上述资产，并按市场价值出售。
随后依法按照债权清偿顺序偿还债权人，如仍有剩余资产，则依法分配予股东（如适用）。
合规要求（Compliance Requirements）
破产执业人应确保：
- 持续保持《2016 年公司法》认可清盘人的资格；
- 所有法定职责均依照《2016 年公司法》履行；
- 妥善保存清盘期间所有账簿、记录及账目；
- 按法律规定向债权人及成员提交所需报告；以及
- 以公平、透明及专业方式完成整个清盘程序。
重要性（Importance）
破产执业人（Insolvency Practitioner） 的定义确保公司的破产及清盘事务由具备专业资格并获正式批准的专业人士负责处理。
《2016 年公司法》透过将破产执业人与**官方接管人（Official Receiver）**加以区分，建立了私人专业破产执业人的委任及监管制度。
这一制度的重要意义包括：
- 确保复杂的企业破产及清盘程序由专业人士管理；
- 保障债权人、股东及其他利益相关者的合法权益；
- 提高企业清盘程序的透明度、公平性及效率；
- 加强公众及市场对企业破产制度的信心；以及
- 完善马来西亚企业破产、重组及清盘制度，促进健全及稳定的商业环境。
Malaysia
