Section 176 of the companies act protects firms from being wound up before they can restructure and bankers, accountants, stockbrokers and company executives are discussing the merits and demerits of "one-seven-six" compared to the United States' Chapter 11 in staving off bankruptcy proceedings.

Time, MBf and Arab-Malaysian -- local household names -- are among those which received court orders in the past two weeks to protect themselves from creditors and give them time to restructure and sell assets.

The companies join a growing number of other firms which are just as big but are less well-known to the general public.

The name Time is closely linked to its popular radio programme, MBf for credit cards and consumerloans, and Arab-Malaysian for banking services.

Time Engineering Bhd, MBf Holdings Bhd and Arab-Malaysian Corp Bhd have sought court protection from creditors.

Property firm Wembley Industries Holdings Bhd, shipbuilder Westmont Industries Bhd and steel products maker Wing Tiek Holdings Bhd have also sought refuge with the courts.

"This is inevitable as the country goes through the pain,"said a dealer at a foreign brokerage.

Two weeks ago, property and financial services firm MBf Holdings said it and selected subsidiaries would restructure their operations after getting a court order preventing creditors from winding down the companies.

MBf Holdings controls the country's largest finance company, MBf Finance Bhd through subsidiary MBf Capital Bhd. Only a year ago, the MBf group was among the largest issuers of credit cards. It also dishes out consumer loans for buyers of its property projects and for the vehicles it sells -- Peugeot and Chrysler's Jeep.

MBf said a total of US$200 million in debtwould be restructured under the plan. This included a $120 million loan borrowed by Hong Kong-based MBf Credit Ltd, and $80 million borrowed by MBf Asia Capital Corp Ltd, another Hong Kong unit.

It was also forced to sell a 70 per cent stake in itsstockbroking arm, MBf Northern Securities Sdn Bhd. MBf was last week joined by telecommunications firm Time.

Time -- whose Time Highway Radio is a small unit but its most high-profile operation -- has debts of at least 2.5 billion ringgit ($610 million).

The company, controlled by Malaysia's largest construction group Renong Bhd, had spent 750 million ringgit to buy a mobile phone operator and 450 million ringgit for a payphone firm.

It has also been aggressively building up its fixed-line telecommunications network. Time now seeks a stake buyer of its Time Telecommunications Sdn Bhd to pare debts.

"The restructuring exercise will enable Time to grow its fixed, mobile and payphone businesses with a strategic partner injecting additional funds," the companysaid. On Friday, Arab-Malaysian Corp Bhd, or Amcorp, also announced a court protection order.

Amcorp controls the country's largest merchant bank, alongwith a commercial bank, a finance house and a stockbroking firm. It is also involved in real estate and infrastructure projects.

The Arab-Malaysian group has for months been the target of speculation over its financial strength due to involvement in two sectors which have slumped -- banking and property. Analysts said as more companies go to the courts to seek refuge, Section 176 of the Malaysian Companies Act will be used more and more.