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CHAPTER 14: DISSOLUTION OF A COMPANY, MOHAMMAD IMRAN ARIF BIN MD KAMARZAN…
CHAPTER 14: DISSOLUTION OF A COMPANY
DEFINITION OF WINDING UP
A process in which a business's existence is brought to an end. The assets of the company are collected and will be realized. The proceeds collected are used to discharge the company's debts and liabilities. If there is a remaining balance it will be distributed amongst the contributors.
METHOD FOR WINDING UP
Voluntary winding up
The members of the company have passed a resolution to wind up
Member's voluntary
Creditor's voluntary
Winding up by court
The court orders the company to be wound up upon the petition of any of the person listed in section 464(1) of company act 2016.
WHO MAY PETITION?
Section 464(1)
Liquidator
Minister
Contributor
Bank Negara Malaysia
Creditor
Registrar
Company
JUST AND EQUITABLE
Where business is carried on in a fraudulent manner.
Where members can no longer continue to work in association
Failure of the corporate substratum.
Where members have justifiably lost confidence in management.
GROUNDS FOR WINDING UP
Sec. 465(1)(e)
Inaability to pay debts
Sec. 465(1)(f)
Directors acted in their own interest
Sec. 465(1)(d)
Has no member
Sec. 465(1)(g)
Duration
Sec. 465(1)(c)
Failure to commence business
Sec. 465(1)(h)
Just and equitable
Sec. 465(1)(b)
Default in filing statutory report
Sec. 465(1)(i)
License revoked
Sec. 465(1)(a)
Special resolution
Sec. 465(1)(j)
Unblawful purpose
MOHAMMAD IMRAN ARIF BIN MD KAMARZAN (012020021767)