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Debt Recovery Companies Winding Up Legal Firm

There are two types of corporate lawyers.  The first type make things happen.  They deal with merger and acquisition, so that companies can grow bigger and business may flourish.  These are the best jobs as the lawyers see happy parties and cheerful faces.

The second type of corporate lawyers, they come in when things go south.  The originally happy faces become angry or worried about the manner the corporation had been handled by their friends.

We belong by and large to the second type.

In our days, we have seen the need for a partner (essentially a shareholder) having to get an order from the court to enter the premises of another partner (essentially another  shareholder) to search for documents that are at risk of being destroyed.   This type of injunction we call it an Anton Pillar Injunction.

There are instances where the shareholder has “disappeared” or refused to come for board meetings and we had to wind up (close) the company, otherwise the company will have to continue to submit audited reports and other statutory requirements.

There is one instance we assisted a son who faced winding up of the father and son company after the father had taken a huge loan and the creditors took action to wind up the Company.

There is one instance when the transfer of  shares was delayed and our clients were ordered by the court to pay damages of RM74 million and we reduce that RM74 million to nothing…

These are the scope of the Corporate Law we practise.

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Alex Chang & Co

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