Winding up & Debt Recovery and Restructuring
Our experience in this area includes:
- negotiating, structuring and drafting of restructuring schemes i.e. schemes of arrangement under Section 176 of the Malaysian Companies Act 1965 (now Section 366 of Companies Act 2016) including application for restraining order, vesting order and other ancillary orders pursuant to Section 178 of the Malaysian Companies Act 1965;
- capital reduction pursuant to Section 64 of the Malaysian Companies Act 1965 (now Section 116 of the Companies Act 2016); and
- companies liquidation and receivership including voluntary winding up (including members’ and creditors’ winding up) and winding up through court order including other interlocutory proceedings such as, discharge of liquidator, appointment or substitution of private liquidator;
- opposing winding up petition presented at the High Court of Malaya;
- advising on debt restructuring exercise including property set-offs and settlement via issuance of private debt securities and other securities; and
- assisting in debt recovery and collection via issuance of letter of demand or commencing legal action in Court.
Striking Off Company
The Registrar of Companies may strike a company off the register either on his own motion or upon an application by a director, member/shareholder or liquidator of the company as provided for under Section 550 of the Companies Act 2016.
The Registrar of Companies may strike off a company on the ground that the company is not carrying on business or is not in operation or the company is being wound up and the Registrar has reasonable cause to believe that:
- no liquidator is acting;
- the affairs of the company are fully wound up and the liquidator has failed to lodge any return for a period of six months; or
- the affairs of the company has been fully wound up under a winding up by the Court but there are no assets or assets available are not sufficient to obtain a dissolution order from the Court.