Companies winding Up Insolvency
Must I obtain a Judgment BEFORE filing a winding up petition against my debtors?
This is one of the most frequently asked questions. A short answer is no. The provision of section 218 of the Companies Act 1965 and the new sections 466… Continue reading
Compulsory winding-up insolvency liquidation in Malaysia is pursuant to section 218 of the Act.
It is a legal process by which the Official Receiver, now known as the Director General of Insolvency or a liquidator is appointed by an order of the court to ‘wind up’… Continue reading
Distribution of Assets
From the assets of the wound up company (through a compulsory winding up) available to be distributed the unsecured creditors, the liquidator will:
- ensure that all the Federal Taxes, amounts owing to EPF and SOCSO are paid, after the Companies Winding… Continue reading
The court may presume that a company as being unable to pay its debts if any of the following occurs:
A creditor (can be by assignment) who is owed more than RM500 (yes just RM500) serves a ‘statutory demand’ (usually called the 218 notice) for the debts due… Continue reading
How do I wind up a company?
If a company owes you money and has failed, refused (do not want to) or neglected (forgot) to pay the debt, you may apply to wind it up by presenting a petition to court pursuant to section 218(1)(e) of the Act.
Related article… Continue reading