दिवालिया (en. Insolvent)

Consequent to adjudication the properties including the schedule property of the insolvent vested in the Official Receiver.

Fear of insolvent banks: Japanese people are afraid that banks will collapse so they prefer to buy gold or (United States or Japanese) Treasury bonds instead of saving their money in a bank account.

It was only a private sale which is void and hit by of the Act, because, the property was already sold in auction long back and thereby the said property do not revert back to the insolvent or his legal heirs.

And if the defaults climb, they could eventually render the company insolvent.

By 1994, Bank Negara was technically insolvent and had to be bailed out by an infusion of fresh money from Malaysia’s finance ministry.

The company, thereafter, became insolvent and went into liquidation.

In the absence of either prior sale or a specific order by the Insolvency Court, naturally the property will revert back to the insolvent with retrospective effect and there is no demur in it.