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Debt Recovery Companies Winding Up Legal Firm

Our Success Stories Experience

1 Write Off  RM74 Million Reduced to Nothing

  • The court made an  assessment of damages to be paid by our clients at RM74 million.   We convinced the court on appeal that RM74 million should be reduced to  nothing,  not even RM1  see the Grounds of Decision: LGB Engineering Sdn Bhd v Saiful Rais Bin Shaiks Salim and 2 Others dated September 30, 2014.  It was also reported in the Malayan Law Journal: [2015] 9 MLJ 349. 
    • This decision was affirmed by the Court of Appeal vide W-03(IM)-77-07/2014 on November 11, 2014.
    • On June 18, 2015 the Honourable Federal Court dismissed the application for leave to appeal by the Plaintiffs.  Therefore our clients are finally discharged from paying any damages.

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2 Get something for nothing?  Getting Out of the Get Out Clause…

Buy Back Clause In Joint Venture: Put Options In Shares

  • How did our client got out of the get out clause of a Joint Venture Agreement?  See the Grounds of Decision: N. Z. New Image Sdn Bhd v Loh Yok Liang dated August 5, 2014. 
    • This decision was affirmed by the Court of Appeal vide W-02-1575-09/2014 on March 31, 2015, see the Judgment dated July 25, 2016.   It was also reported in the Current Law Journal: [2016] 9 CLJ 474.
    • This decision again was affirmed  by the Federal Court vide W-02(f)-62-09/2015 on November 21, 2016

 

3 Rescuing a Wound Up Company

  • Our clients were wound up based on a loan agreement signed by the major shareholder and former director.   The  loan agreement was  not disputed by the  borrower/ our clients.    See the Grounds of Judgment: Quintraz Sdn Bhd v Fore-Sight Marketing Sdn Bhd dated March 5, 2014.
    • We took a totally different approach when we were instructed to appeal to the Court of Appeal.
    • The  Court of Appeal vide W-02(NCC)(A)-466-03/2014 dated August 14, 2014, reversed the high court order.   See the Reviews from our clients

 

4 Putting Two Directors To Jail For Not Following the Terms Agreed

 

5 Obtained Judgment Against Guarantor Even When Signature Disputed

 

6 Winding up By Own Shareholder

 

7 Winding Up of a Public Listed Company In Malaysia

 

8 Two Winding Up Petitions Competing for First Place

  • FW Industries v Suitech (the Original grounds written by the learned Judge Hishamudin), published in the Current Law Journal: [2008] 3 CLJ 210 . Two petitions to wind up the same company, our clients’ Petition was the second one and obtained the winding up order.

 

9 Fortuna Injunction to Stop Winding Up

 

10 Guaranteed Payment

  • How do you get “assurance” that when the court make an order, you can get  paid?  At times when the debtors do not comply with the court order what can you do?  
    • Therefore in this case  we inserted  a penal indorsement on an order purely for costs, so that we may compel the party paying costs to pay, if in  default, to hold the person in contempt of court, which could  mean spending time in prison.  
    • See the Grounds of Judgment: Yap Kit Wah & 30 Ors v Yap Kim Choon @ Yap Siw Sin & 2 Ors  dated October 13, 2014

 

Alex Chang & Co

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