Mohd Saari Yusoff JCA:

On 30 September 1993, the appellant ("liquidator") obtained various ex parteorders which were subsequently set aside on 8 July 1994. Reliefs prayed for by the liquidator in the court below are as follows:

(1) (not applicable);

(2) commence legal proceedings against MBF Finance Berhad (hereinafter referred to as MBF) for the return of RM4 million and a further RM5.75 million;

(3) give notice to all creditors including secured creditors to prove their debts;

(4) acquire from the Receivers & Managers (hereinafter referred to as R&M) inter alia, the accounts, documents, ledgers & monies and other valuables ("the acquiring order");

(5) transfer Originating Summons No. D6-24-018-92 to this court.

Against the order of setting aside, the liquidator appeals.

Antecedent Facts

On 17 November 1982, Kosmopolitan Credit & Leasing Sdn Bhd ("KCL") created a debenture ("the debenture") in favour of a co-operative society known as Koperasi Serbaguna Kosmopolitan Berhad ("Koperasi").

Subsequently, the rights under the debenture were assigned by Koperasi to Kewangan Utama Malaysia Berhad ("KUMB") by virtue of a deed of assignment dated 16 November 1990.

On 8 February 19