Winding Up Rules 1972 Malaysia

Share 0 tweet pin it 0.

Winding up rules 1972 malaysia. Winding up of schemes etc. Rule 91 companies winding up rules 1972 generally the proof of debt can be filed once the company is in liquidation. Bahasa malaysia current issues kamus novel komik motivasi self help business non fiction essentials college university. 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.

10 2 by virtue of s616 of the ca16 it refers to the rules committee constituted under the courts of judicature act 1964. Peninsular malaysia 1 january 1959 ord. 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. Winding up proceedings are governed under the companies act 2016 9 and companies winding up rules 1972 10.

This act may be cited as the reciprocal enforcement of. For a company that is being wound up by the court the proof of debt must be filed within 3 months after the winding up order is made. The winding up will come to an end and the company will cease to exist upon the dissolution of the company. There are many situations in which a company may be subject to winding up proceedings the most common one being the company is unable to pay its debts to its creditors.

10 3 and since the 1972 rules was made by the same committee unless it is repealed. Winding up rules 1972. That is a overall snapshot of the winding up regime in malaysia. Laws of malaysia act 99 reciprocal enforcement of judgments act 1958 an act for the reciprocal enforcement of judgments of superior courts.

Unannotated statutes of malaysia subsidiary legislations companies winding up rules 1972 p u. You will have to follow the procedure set out in the winding up rules 1972. So the winding up process should have been completed and the company is then dissolved. 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.

In malaysia our winding up laws were originally contained in our companies act 1965 and with some minor cross referencing to the bankruptcy act 1967. Companies winding up rules 1972. Laws of malaysia reprint act 125 companies act 1965 incorporating all amendments up to 1 january 2006 published by the commissioner of law revision malaysia under the authority of the revision of laws act 1968 in collaboration with. 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.