English Version

清盘后将发生什么？

Does the company cease operations immediately?

公司将立刻停止运作吗？

[1] A company can enter into liquidation procedure in two manners, by

• voluntary liquidation and
  • members’ voluntary winding up (Section 432(2)(a) of the Companies Act 2016);
  • creditors’ voluntary winding up (Section 432(2)(b) of the Companies Act 2016)
• compulsory liquidation (Section 464 of the Companies Act 2016).

【1】公司可以通过以下两种方式进入清盘程序：

• 自愿清盘 和
  • 股东自愿清盘 (2016公司法案，第432(2)(a) 条文)
  • 债权人自愿清盘(2016公司法案 ，第432(2)(b) 条文)
  • 强制清盘 （2016公司法案，第464条文）

[2] In each circumstance, a liquidator will be appointed to carry out the winding up progress. The appointed liquidator will straight away take over the administration of the company (Leopad Holdings Sdn Bhd v Asian Shield Warehousing Sdn Bhd and another appeal [2019] MLJU 1720) and the director who used to conduct the company’s business immediately cease to have any management power over the company. The purpose of switching the personal in-charge is to put the company in different person’s hand so that the liquidation is carried out fairly to the company’s stakeholders.

【2】在各自的情况中都会有一名清盘人受委以执行清盘程序。被委任的清盘人将直接接管公司的运作。(Leopad Holdings Sdn Bhd v Asian Shield Warehousing Sdn Bhd and another appeal [2019] MLJU 1720)，所有执掌公司业务的董事将马上停止享有对公司的管理权。此目的是为了替换负责人以将公司置于不同人的手上，以便清盘程序的过程可以对公司利益相关者更加公平。

[3] According to Malaysian Department of Insolvency official portal, the duties of a liquidator are as follow:

–      To investigate into the affairs and assets of the company

–      To investigate the conduct of its directors and other related persons

–      To investigate claims made by of creditors and third parties

–      To collect and realize the company’s assets at the best possible price and in a manner that is to the best advantage of the company

 [3] 根据马来西亚破产总署的官方网页，清盘人的责任如下：

– 调查公司的财产与事务

– 调查公司董事的行为以及其他相关人士

– 调查债权人以及第三方的诉求

– 收集及以最佳价格及最有利公司的形式套现公司资产

[4] From the above information, we know that the liquidator’s aims are not to manage the company and there is no obligation on them to direct the company to carry out business activities even if it is obviously profitable.

[4] 根据以上资讯，我们可以得知清盘人的目标并不是管理公司且他们没有责任指示公司继续其业务，即便那明显是可以获利。

[5] Also, from the Malaysian Department of Insolvency official portal, the effects of winding up on a company are as follow:

–      Cessation of company’s business

–      Termination of contracts of employment

–      Avoidance of disposition of company’s assets

–      Avoidance of transfer of shares

–      Avoidance of uncompleted execution

【5】另外，根据马来西亚破产总署的官方网页，清盘的影响如下：

– 停止公司业务

– 停止雇佣合同

– 避免对公司资产的处置

– 避免股份转让

– 避免执行未完成的事务

[6] Liquidator plays an important role when the company is wound up. There is no a single codified document tells what they must do step by step, as they have discretionary power on what to do to a company. However, they are still being bound by some rules and like the director of company, if they breach their duties, they can be litigated.

【6】清盘人在公司清盘时扮演很重要的角色。基于他们有酌情处理去决定如何处置该公司。

没有一份完整的文件告诉我们他们应该如何执行清盘。但是，他们依然受制于一些规则，并且如公司董事一样，倘若他们违反了这些职责，他们可以被起诉。

[7] Here are what a liquidator will usually do when he/she is appointed:

1. write to the director to notify of his appointment and ask for liquidator’s security he/she deems appropriate.
2. Submit the security which was obtained from the director in the form of a bankers’ guarantee.
3. Study the status of the company either by way of searching from the Registry of Companies or of seeking assistance from solicitors who had taken actions against the company.
4. Ask for the company’s bank account(s) from the bank
5. Request the directors to hand over the company’s assets which are in their possession
6. Visits the company’s premises, request the employees to leave and paste copies of the winding-up order at prominent places around the premises. Engage a security company to look after the premises if necessary.
7. Stops all the business activities and terminate employees’ services and other contracts
8. Engage a firm of valuers to do valuation of the assets and engage auctioneer to sell the properties.
9. Investigate the affairs of company, including the reason of liquidation.
10. Call the first meeting of creditors and shareholders to form the Committee of Inspection who will then represent all the creditors and shareholders
11. Serve notice to creditors mentioning about the amount of payment they will get. Realize all the assets of company and distributed the money according to the rules of priority of claims on insolvency (RE PERDANA MERCHANT BANKERS BHD [1997] 3 MLJ 435)

secured creditors (fixed charges) > liquidator’s costs > employees’ salaries, pension contribution >

secured creditors (floating charges) > unsecured creditors > shareholders

1. Apply to the court to resign from the company
2. Company dissolution, end of winding-up process

【7】 以下为清盘人在受委任后一般需要履行的职责。

1. 致信公司董事通知他已受委成为清盘人及要求清算人提供他、她所认为合适的担保。
2. 以银行担保的形式提交从董事处所获得的担保
3. 通过向公司注册局查询或者寻求已对公司采取行动的律师的协助以了解公司的状况。
4. 要求银行提供公司的银行账户
5. 要求公司董事交出在他们手中的公司资产。
6. 拜访公司所在地，要求员工离开且在公司所在地的显眼位置张贴清盘令。在有必要的情况下聘请保安公司照看公司场所。
7. 停止一切公司业务及终止所有员工服务及其他合约。
8. 聘请估价师对资产进行估值及聘请拍卖师出售资产。
9. 调查公司的事务，包括清盘的理由
10. 召开第一次债权人及股东会议，筹组将代表所有债权人及股东的检查委员会。
11. 通知债权人他们将收到的款项。套现所有资产及根据破产债券的优先权规则分配现金。 (RE PERDANA MERCHANT BANKERS BHD [1997] 3 MLJ 435)。

有担保的债权人 （固定抵押）> 清盘费用> 员工薪水，养老金贡献> 有担保的债权人 (浮动抵押)> 无担保债权人> 股东1.向法院申请从公司辞职

2.公司倒闭，清盘结束

[8] From the provisions of Companies Act 1965, for voluntary liquidation cases, the company’s business can be carried on after the winding-up order has been granted if the liquidators feel that it is necessary for the beneficial winding up and that the creditors are not prejudiced (Dato’ Prem Krishna Sahgal v Muniandy a/l Nadasan & Ors [2018] 2 MLJ 693); for compulsory liquidation cases, the liquidators can with the authority either of the Court or of the committee of inspection conduct the company’s business as long as is necessary for beneficial winding up.

[8] 根据1965年公司法案的条文，在自愿清盘的案件中，公司业务可在授予清盘令后，在清盘人认为有必要且符合清盘利益的情况下继续进行，当然这必须确保债权人的利益并不会被侵害。Dato’ Prem Krishna Sahgal v Muniandy a/l Nadasan & Ors [2018] 2 MLJ 693)。对于强制清盘，只要是有必要且符合清盘的利益，清盘人可以在法庭或者在检查委员会的允许下继续公司业务。

[9] However, the 1965 Act has been amended by Companies Act 2016 (CA 2016). The liquidators’ power is now limited to act and execute deeds, receipts and other documents on behalf of the company’s name (Schedule 12 Part1 CA 2016, Merais Sdn Bhd v Lai King Lung Holdings SDN BHD & Anor [2019] 5 MLJ 801) . If they intend to carry on the business of the company, they need to obtain approval from related authority (Schedule 12 Part 2 CA 2016), the approval of special resolution of company for member’s voluntary liquidation; the approval of court or committee of inspection for creditor’s voluntary liquidation and compulsory liquidation. Nevertheless, all business activities are to be stopped during the 108 days of the winding up order, this provision applies to all kinds of liquidation.

[9] 但是，1965年的法案已经被2016年公司法令所修改。如今，清盘人的权力仅局限在执行契据，以公司名义接受其他文件。(Schedule 12 Part1 CA 2016, Merais Sdn Bhd v Lai King Lung Holdings SDN BHD & Anor [2019] 5 MLJ 801)。如果他们有意图继续进行公司业务，他们必须获得相关单位的首肯 （Schedule 12 Part 2 CA 2016）。在自愿清盘下，继续进行公司业务的首肯必须获得公司成员的特别决议才可通过；而债权人自愿清盘或者强制清盘则需要检查委员会的统一。尽管如此，所有公司活动都应该在清盘令后的第108天停止。这法例适用于各种类型的清盘。

[10] In summary, once a company enters into liquidation, a liquidator will be engaged to deal with the procedures of winding-up, namely to take over the company, conduct investment, realize company’s assets and to pay off the debts. In relation to the company’s on-going business activities, liquidators will end them immediately unless they feel that it is necessary to carry on for a beneficial winding up of the company, while under Companies Act 2016, a court’s permission or committee of inspection’s permission is required for them to do so.

[10] 简而言之，一旦公司进入清盘程序，清盘人将被聘请以处理清盘程序，即接管公司，进行投资，套现公司资产，偿还债务。清盘人必须马上终止公司一切业务活动，除非他们认为继续商业活动对于清盘程序是必要且有利的，而在2016公司法案下，清盘人必须获得法庭或检查委员会的批准才能继续公司的业务。

Ting Bee Ren
University of Leeds

利兹大学