Companies Winding Up Rules Malaysia

10 2 by virtue of s616 of the ca16 it refers to the rules committee constituted under the courts of judicature act 1964. The winding up of a company is the process of bringing an end to a company. 10 3 and since the 1972 rules was made by the same committee unless it is repealed.

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Citation and commencement these rules may be cited as the companies winding up rules.

Companies winding up rules malaysia. Notice of the winding up order and particulars of liquidator winding up by court. 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. We will start with getting our terminology right. 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.

Any excess proceeds are then returned to the shareholders of the company. The company s assets are sold off and then used to pay off the company s debts. Companies winding up rules 1972 p u. Liquidator takes over all affairs of the company and proceed with winding up.

A copy of the resolution for winding up is to be posted in a widely circulated newspaper in malaysia in both the national language and in english ten 10 days from the date the resolution was passed. In order to close a company in malaysia there are two ways to do so. Procedure for compulsory winding up. It is an offence under section 591 of the companies act 2016 to make or authorize the making of a statement that a.

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 makes the following rules. 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. 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. For winding up that commenced under the old companies act 1965 the old procedure and the old forms would still apply.

If the official receiver malaysia is appointed as interim liquidator or liquidator complete. Here i will give a brief overview of winding up law in malaysia.