The Court of Appeal in Bursa Malaysia Securities Berhad v Mohd Afrizan bin Husain (grounds of judgment dated 2 July 2021) ruled that once a winding up order was made against a public listed company, Bursa Malaysia must de-list that company from the stock exchange.
The case dealt with interesting issues between the interplay of a liquidator’s role under the Companies Act and where the liquidated company is also subject to Bursa Malaysia’s Listing Requirement.
The Federal Court has granted leave to appeal against this Court of Appeal decision.
The Court of Appeal in its grounds of judgment dated 18 March 2021in Sunrise Megaway Sdn Bhd (in liquidation) v Kathryn Ma Wai Fong set out the principles when there is a challenge on a liquidator’s decision to admit or reject a proof of debt. Exceptional circumstances are required to second guess the liquidator’s decision. Continue reading →
The High Court in Re Rentak Arena Development Sdn Bhd (In Liquidation); Ex Parte Spanland Sdn Bhd and Another Case  MLJU 2133 (see the grounds of judgment dated 18 November 2020) provided useful guidance on factors considered when there are competing nominees to be appointed as liquidator of a company.
The Federal Court in its grounds of judgment dated 21 May 2020 Dubon Berhad (in liquidation) v Wisma Cosway Management Corporationheld that fees due to a management corporation or a joint management body under the Strata Management Act is not a secured debt. Such fees are a pure unsecured debt within the insolvency regime. This will bring clarity for a liquidator of a company which is an owner of a strata property.