SMEB ASSET MANAGEMENT SDN BHD v XORIX SDN BHD PIHAK KETIGA Jabatan Insolvensi Malaysia

ba-28pw-102-05-2024 High Court (Mahkamah Tinggi) 11 March 2026 • BA-28PW-102-05/2024

Catchwords

Post Winding Up – Application for termination of winding up order – Application by Petitioner – Potential revival of company through Receiver and Manager - Application was procedurally defective – Contributory argues company remains insolvent – Whether the Petitioner has satisfied the Court that the winding up order ought to be terminated pursuant to Section 493 of the Companies Act 2016 – Whether the Petitioner has demonstrated satisfaction of Company’s debt, solvency of the Company or the existence of other circumstance which justify terminating the winding up order – Company remains indebted - No audited financial statements or financial evidence have been produced - The Petitioner has not placed before the Court any concrete restructuring mechanism – Timing of Application - Court is not persuaded that the very short lapse of time between the making of the winding-up order and the filing of the present application is supported by sufficiently concrete developments to justify terminating the winding-up – Receivership and Liquidation does not provide the same level of protection for unsecured creditors as a court-supervised liquidation - Section 493 of Companies Act 2016.

Judges (1)

Raja Rozela binti Raja Toran Delivered

Parties (3)

Jabatan Insolvensi Malaysia Third Party SMEB ASSET MANAGEMENT Sdn Bhd Applicant XORIX Sdn Bhd Respondent

Judgment

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Source: eJudgment (ba-28pw-102-05-2024)