STANDARD CHARTERED BANK MALAYSIA BERHAD v YN SERTING SDN. BHD.
Catchwords
Companies — Winding up by court — Creditor’s petition — Petition founded on judgment debt — Judgment in default of appearance — Judgment debt remaining unsatisfied — Debt exceeding prescribed statutory threshold — Company deemed unable to pay debts — Statutory demand under s 466(1)(a) Companies Act 2016 — Service of statutory demand at registered office — Failure to satisfy demand within 21 days — Presumption of insolvency — Commercial insolvency — No affidavit in opposition filed — No appearance by company — No bona fide dispute raised — No cross-claim asserted — No application for Fortuna injunction — Exercise of court’s discretion to wind up company — Winding-up order granted — Official Receiver appointed liquidator. Companies — Inability to pay debts — Deemed insolvency — Statutory presumption under s 466(1)(a) Companies Act 2016 — Neglect to comply with statutory demand — Distinction between deemed insolvency and commercial insolvency — Burden of rebutting statutory presumption — Whether company able to meet current liabilities as and when they fall due — Unsatisfied judgment debt as evidence of insolvency — Failure to lodge accounts — Subsisting unsatisfied charge — Company commercially insolvent. Companies — Winding up proceedings — Statutory demand — Validity of demand — Debt founded on subsisting judgment — Amount stated in demand — Difference between amount demanded and amount pleaded in petition — Whether subsequent reduction of debt invalidates demand — Demand accurately stating debt as at date of demand — Valid statutory notice. Companies — Winding up proceedings — Bona fide dispute — Debt reduced into judgment — Judgment neither appealed nor set aside — Whether debt capable of bona fide dispute — Absence of substantial dispute — Winding-up petition not abuse of process. Companies — Winding up proceedings — Procedural requirements — Verification of petition — Service of petition — Service on Companies Commission of Malaysia — Service on Director General of Insolvency — Advertisement in newspapers and Gazette — Deposit paid to Director General of Insolvency — Compliance with Companies (Winding-Up) Rules 1972 — Whether procedural prerequisites satisfied. Companies — Winding up proceedings — Service — Registered office — Statutory demand served by registered post and by hand — Petition served on company secretary at registered office — Whether effective service established. Companies — Winding up proceedings — Discretion of court — Unopposed petition — Court’s duty to scrutinise evidence notwithstanding absence of opposition — Whether sufficient basis for winding-up order established — No countervailing factors shown — Order made.
Judges (1)
Judgment
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Read on eJudgmentSource: eJudgment (ma-28ncc-43-11-2025)