Companies Winding Up Rules 2016 Malaysia

Unannotated statutes of malaysia subsidiary legislations companies winding up rules 1972 p u. The official receiver malaysia i c no. The process flow for winding up both vwu and compulsory in the companies act 1965 ca 1965 is retained in the companies act 2016 ca 2016 section 619 6 of the ca 2016 states that a company which is in the course of winding up immediately before the commencement of the act shall continue to be wound up under the relevant provisions in the companies act 1965.

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Companies winding up rules 2016 malaysia. The companies act 2016 ca 2016 repealed the companies act 1965 ca 1965 and changed the landscape of company law in malaysia. Leave it blank address. 10 companies winding up rules 10 1 the winding up rules 1972 was made under the old ca65 and the courts of judicature act 1964. The effect of winding up takes place not from the time the winding up order is made but when the winding up petition is presented to the winding up court.

When a creditor intends to bring winding up proceedings against a company the first step involves the presentation of a notice pursuant to section 466 of the companies act 2016 by the creditor to demand that the debt owed by the company to the creditor be paid. When a company is served with a notice pursuant to section 466 of the companies act 2016 the notice by a creditor without judgment it generally means that there exists a minimum debt of rm10 000 00 that has yet to be settled by the company to the creditor. 10 3 and since the 1972 rules was made by the same committee unless it is repealed. A 289 1972 companies winding up rules 1972 p u.

A 289 1972 in exercise of the powers conferred by section 372 of the companies act 1965 act 125 and section 16 of the courts of judicature act 1964 act 91 the rules committee hereby. This article will provide an overview of the ca 2016. The notice is the first step by the creditor to initiate a winding up proceeding against the company by demanding for the debt. Although malaysia has transitioned from the companies act 1965 to the companies act 2016 there are two winding up regimes that need to exist side by side.

10 2 by virtue of s616 of the ca16 it refers to the rules committee constituted under the courts of judicature act 1964. For winding up that commenced under the old companies act 1965 the old procedure and the old forms would still apply. The ca 2016 reformed almost all aspects of company law in malaysia. 4 if the official receiver malaysia is appointed as interim liquidator or liquidator complete as follows.

3 insert date of the winding up order. Section 472 of the new companies act 2016 may make ineffective a sale of property by the company transfer of shares or alteration of status of the company s shareholders.