Home / Malaysia Bankruptcy Law / Business & Consumer Bankruptcy Law Penggulungan Syarikat Effect to the Director and Shareholders

Penggulungan Syarikat (modified 0 times) triple_s I'm currently advising one of my close friend who is currently received a petition from court for winding up his company. He joined the company and holds 25% of its shares just barely 6 month to undertake the restructuring exercise. The company is being incorporated and operating business for the past 10 years. Unfortunately, because of the previous shareholders and the management left behind bad debts the court order is obtained by the creditors to wind up the company. a) What is the liability of the new director if the company is winded up? b) Will this wind up action effect his directorship with other companies? c) He owns a trading company with Registar of Business as sole proprietorship, will this effect his business? d) If new directors being appointed prior to execution of wind up process, will the new director and shareholder will be free for the debt? e) Other implication to the new director or shareholder on credit rating with banking institution after the wind-up. f) Can the new director / shareholder incorporate a new company? Please advice accordingly. Regards SSS 31 Jan, 2012 01:41:16

RE:Penggulungan Syarikat (modified 0 times) vkpc Jugement Order for debts and Winding Up Order is not the same thing. If the company just received the petition to wind up, it can attend the hearing to oppose the petition. This is especially true if the creditor did not obtain a judgment order for the debts. a) What is the liability of the new director if the company is winded up? Directors nothing. Shareholders may be collectively liable for up to the difference between the authorised and paid up capital. b) Will this wind up action effect his directorship with other companies? No. c) He owns a trading company with Registar of Business as sole proprietorship, will this effect his business? No. d) If new directors being appointed prior to execution of wind up process, will the new director and shareholder will be free for the debt?{/b] Shareholder not free. e) Other implication to the new director or shareholder on credit rating with banking institution after the wind-up. Every bank is different. f) Can the new director / shareholder incorporate a new company? Can unless the person becomes a bankrupt due to (a). 01 Feb, 2012 09:12:07

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