Winding Up Procedure Malaysia 2020

These rules are set to take effect from april 1 2020 and lay down the procedure for winding up on grounds other than inability to pay debts prescribed under section 271 of the companies act 2013 ca2013. Winding up is a process in which the existence of a company is brought to an end where assets of a company are collected and realised. Voluntary winding up of a sdn bhd company involves several filings to ssm as well as numerous directors and shareholders meetings.

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During the winding up session of the bill.

Winding up procedure malaysia 2020. This process usually lasts for anywhere between nine and 18 months. Voluntary winding up and compulsory winding up. If the company was unable to file a fortuna injunction the creditor would be free to begin winding up proceedings against the company by presenting a winding up petition. The dissatisfied creditor can still file a winding up petition against the company after the expiry of the 21 days.

If a creditor were to serve a statutory demand on 24 april 2020 on a company the company has until 24 october 2020 to respond to the demand. After the winding up petition is presented the creditor must advertise the petition in the government gazette and newspapers. The order will not affect statutory demand or winding up petitions which are filed and served before 23 04 2020. Winding up members liquidation while winding up of a company can easily cost more than rm10 000 the easier way and cost effective way to close down a company is by way of strike off.

The ministry of corporate affairs government of india vide its notification dated january 24 2020 has notified the companies winding up rules 2020 rules. In malaysia the winding up process is guided by the. In order to close a company in malaysia there are two ways to do so. In the past a creditor could rush to seize the assets of the company and it became a race against the clock as to which creditors could get some of the assets first.

The cost of voluntary winding up in malaysia is usually between rm10 000 and rm20 000. Companies do not enjoy a complete moratorium from this method of winding up until the rest of the year. The proceeds collected are used to discharge the company s debts and liabilities and the remaining balance if any will be is distributed amongst the contributories according to their entitlement. In malaysia the law governing the winding up process is set out in the companies act 2016 ca 2016 and the companies winding up rules 1972 cwur 1972.

In other words companies must still oppose the said statutory demand within 21 days. After that date the creditor is free to file a winding up petition. Amendment bill 2020 aimed at amending the insolvency act 1967. First it allows an orderly and fair distribution of the assets of the company among its creditors.

There are various modes of winding up e g. When winding up an insolvent company there are three main aims of the winding up procedure.