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Foresight-Wind-UpWound Up the Company Who Tried to Wind us Up

FORE-SIGHT MARKETING SDN. BHD.  And  QUINTRAZ SDN. BHD.

1       There was an allegation that a loan agreement for the sum of RM1,080,000.00   was entered into between one of the director (my father)  of  Fore-sight Marketing Sdn. Bhd and Quintraz Sdn. Bhd.

1.1     However, on the part of    Fore-sight Marketing    there was no record of such transaction in their respective company.

1.2     I had no idea of the loan agreement.

1.3     Fore-sight Marketing did not receive the loan.

2     Quintraz Sdn. Bhd.   then  made a  claim  for the sum of  RM1,080,000.00   premised on the loan agreement thereafter presented  a winding up petition.

3     Hard as we fought we lost the battle in the High Court.   It was totally out of our expectation.

3.1     The hardest to accept was  that Quintraz who was a dormant company.

 

Our Company Was Wound Up

4     The learned High Court Judge granted a winding up order as:

4.1     There was a loan agreement allegedly executed by one of the directors of  Fore-sight Marketing Sdn. Bhd.

4.2     The said director did not  affirm any affidavit or   attend to the hearing to deny that the loan agreement was entered into between parties.

4.3      It was otiose for the other director to deny the existence of the loan agreement and state that the director who allegedly executed the loan agreement  vanished into the thin air as both the directors are in a father and son relationship.

5     It was a devastating decision, what it meant was that my company was wound up and it is one of the main sources of  income for the family.

5.1     The High Court Grounds of Judgment was so well written detailing why our company should be wound up…

5.2     It was painful  to read…

 

Appel to the Court of Appeal

6     Fore-sight Marketing  appealed against the said  decision.

Messrs Alex Chang & Co Recommended By Firms Outside Kuala Lumpur
7     We  came to see Mr Chang upon the recommendation of a firm of Johor lawyer and also a firm Malacca  lawyer.

 

Declined to Act

8     At the first meeting, Mr Chang declined our invitation to act for us in the appeal on the simple reason:
8.1     Mr Chang asked: “Did you as the son, dispute the signature was that of your father’s in the loan agreement?”

8.2     Answer: “No.”

8.3     Mr Chang: “Since you did not dispute the signature,   I am not able to handle this appeal… So sorry.”

9     After some  persuasion from  my family, Mr Chang then agreed to look into the matter and accepted the brief the next  day.

10     We were seated in the cold the Court of Appeal listening to the arguments from various learned counsel.   Ours was the last one…

 

Different Approach

11     In the Court of Appeal, an approach  different from the one in the High Court  was taken.  Many grounds were advanced in the short 25 minutes of presentation by Mr Chang.

 

Appeal Allowed

12     Finally,  the  Court  of Appeal allowed our appeal,   reversed the decision of the  High Court and dismissed  the winding up petition set aside the winding up Order  with the following grounds inter alia that:

12.1     The is no evidence that Quintraz who was a dormant company was capable of granting us a RM1 million loan.

12.2     The audited accounts did not reflect  the loan sum from the alleged lender;

12.3     No  resolution could be found to   authorise  the action of  Fore-sight Marketing   accepting the   loan;

12.4     Furthermore, no evidence to  show  that the sum of  RM1,080,000.00 was disbursed and received by Fore-sight Marketing.

 

5 Months’ Sleepless Night

13      That ended  5 months of sleepless nights.   Waiting is one of the most painful experiences.   Waiting for the appeal to be heard not knowing the outcome is suffocating, no amount of  comforting words from Mr Chang could quell the agitation and unrest  we felt.

 

 

Wound Up the Company Who Tried to Wind us Up

14     This story has an unexpected ending.   We  proceeded  to Wind up  QUINTRAZ to close this chapter once and for all.

 

Thank You Messrs Alex Chang & Co

15     We sincerely record our appreciation to the dedication and professionalism shown by Messrs Alex Chang & Co in the handling of the above matter.

15.1     They took the extra mile to ensure and reverse the winding up order against all odds.

Kenny Yue

 

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