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Debt Recovery Companies Winding Up Legal Firm

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  and it is not paid or secured, or compounded to your satisfaction, within three weeks.

The 218 Notice must be served on the company at its registered office.

A creditor obtains judgment against the company and  execution proceedings  is unsatisfied in whole or in part; in other words the sheriff or bailiff is unable to seize enough assets to sell in order to satisfy the debt.

It is proved to the satisfaction of the  court that the company is unable to  pay its debts when they fall due; the court may take into account of   the contingent and prospective liabilities of the company.

What happens after winding up?

Alex Chang & Co

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