What is Pay Up or Wind Up?
by Alex Chang & Co
by Alex Chang & Co
In the past, since we started doing winding up in
1991, when we 'won' in a companies winding up
petition, the Respondent (debtor) got wound up.
In the year 2003 we came up with an idea and
suggested it in court, the following is an extract from
the Judgment of Dato Vincent Ng J (as he then
was):
"Mr. Alex Chang, who appeared for the second
supporting creditor, suggested that the Respondent
be given an opportunity to resolve the matter,
failing which the winding up order be made. In all
fairness, he suggested a later date, sometime in
mid April 2002. His suggestion was
enthusiastically received by Mr. Puspanathan."
This case was subsequently reported, see KTL
SDN BHD V. AZRAHI HOTELS SDN BHD [2003] 3
CLJ 49 at page 51
So this is the Pay up Otherwise we will wind you up
concept...
For more details click here...
1991, when we 'won' in a companies winding up
petition, the Respondent (debtor) got wound up.
In the year 2003 we came up with an idea and
suggested it in court, the following is an extract from
the Judgment of Dato Vincent Ng J (as he then
was):
"Mr. Alex Chang, who appeared for the second
supporting creditor, suggested that the Respondent
be given an opportunity to resolve the matter,
failing which the winding up order be made. In all
fairness, he suggested a later date, sometime in
mid April 2002. His suggestion was
enthusiastically received by Mr. Puspanathan."
This case was subsequently reported, see KTL
SDN BHD V. AZRAHI HOTELS SDN BHD [2003] 3
CLJ 49 at page 51
So this is the Pay up Otherwise we will wind you up
concept...
For more details click here...
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