{"id":1014,"date":"2015-02-20T12:24:44","date_gmt":"2015-02-20T12:24:44","guid":{"rendered":"http:\/\/alexchanglaw.com\/?page_id=1014"},"modified":"2015-02-23T01:50:34","modified_gmt":"2015-02-23T01:50:34","slug":"companies-winding-wind-debtor","status":"publish","type":"page","link":"https:\/\/alexchanglaw.com\/index.php\/companies-winding-wind-debtor\/","title":{"rendered":"Companies Winding Up How To Wind Up Your Debtor"},"content":{"rendered":"<p><a href=\"http:\/\/alexchanglaw.com\/wp-content\/uploads\/2014\/05\/image2.jpg\"><img loading=\"lazy\" class=\"alignleft size-thumbnail wp-image-1010\" src=\"http:\/\/alexchanglaw.com\/wp-content\/uploads\/2014\/05\/image2-150x150.jpg\" alt=\"Companies Winding Up\" width=\"150\" height=\"150\" \/><\/a>\u00a0How to Wind Up Your Debtor In Malaysia<\/p>\n<p>Compulsory winding-up in Malaysia is carried out pursuant to section 218 of the Companies Act 1965. \u00a0It is a legal process which the Official Receiver, now known as the Director General of Insolvency or a liquidator (hereinafter the &#8220;Liquidator&#8221;) is appointed by an order of the court to &#8216;wind up&#8217; the affairs of a limited company, Sdn Bhd or a Berhad.<\/p>\n<p>Winding up does not mean that the creditors of the company will be paid in full&#8230; \u00a0(To see how the <a title=\"Companies Winding Up: Pay Up or Wind Up\" href=\"http:\/\/alexchanglaw.com\/index.php\/services\/winding-up\/\">Pay Up or Wind Up<\/a>\u00a0concept works).<\/p>\n<p>The tasks of the Liquidator is to:<\/p>\n<ul>\n<li>ensure that all the Federal Taxes, amounts owing to EPF and SOCSO are paid;<\/li>\n<li>ensure that all company contracts (including employee contracts) are completed, transferred or otherwise brought to an end;<\/li>\n<li>carry on the business with a view of eventually ceasing the\u00a0company&#8217;s business;<\/li>\n<li>settle any legal disputes, the liquidator may have to take legal\u00a0advice to do that;<\/li>\n<li>sell any assets by Public Tender, Public Auction or Private\u00a0Treaty;<\/li>\n<li>collect the money owed to the company, the liquidator may\u00a0have to take legal actions to do that; and<\/li>\n<li>distribute any funds available to creditors (which is called a dividend)\u00a0and returning share capital to the shareholders (if there is any surplus\u00a0after payment of all debts).<\/li>\n<\/ul>\n<p>When these tasks have been completed by the \u00a0Liquidator, the\u00a0 \u00a0Liquidator will apply to have the company removed from the register at the\u00a0Companies Commission of Malaysia and \u00a0the company will be dissolved, thereafter the company cease to exist.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0How to Wind Up Your Debtor In Malaysia Compulsory winding-up in Malaysia is carried out pursuant to section 218 of the Companies Act 1965. \u00a0It is a legal process which the Official Receiver, now known as the Director General of Insolvency or a liquidator (hereinafter the &#8220;Liquidator&#8221;) is appointed by an order of the court [&hellip;]<\/p>\n","protected":false},"author":1803,"featured_media":0,"parent":0,"menu_order":41,"comment_status":"closed","ping_status":"open","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/pages\/1014"}],"collection":[{"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/users\/1803"}],"replies":[{"embeddable":true,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/comments?post=1014"}],"version-history":[{"count":8,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/pages\/1014\/revisions"}],"predecessor-version":[{"id":1075,"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/pages\/1014\/revisions\/1075"}],"wp:attachment":[{"href":"https:\/\/alexchanglaw.com\/index.php\/wp-json\/wp\/v2\/media?parent=1014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}