Winding On with Company

 Winding Up for Company Exploration Paper

TABLE OF CONTENT

Title Page Circumstance of the Case of ABC Bhd 1 Acceptance 2

Conclusions

Misstated Volume Due in Statutory Require 3-5 Number of Members is Reduce Less than Two 6-8 Voluntary Turning Up 9-10

Compulsory Turning Up 11-12

SCENARIO

Anggun, Bromley and Chumbee plus some friends include set up a small business known as HURUF Bhd which dealt with coffee drinks. Within just five numerous years of the incorporation of ABC Bhd, the corporation is producing lots of earnings. At the same time the company had attained a loan amounted to RM 500, 1000 from Traditional bank Aku Bhd in order to grow their organization. However , in the ten years of operation, due to high competition in the business marketplace, their organization getting sluggish and the business failed to generate profits. Meanwhile, Bank Aku Bhd acquired sent a statutory demand to FONEM Bhd claiming for the sum credited amounted to RM three hundred, 000. Nevertheless , the amount of bills stated in the statutory require was RM 300, 050. The challenge then came about between the shareholders of a business. They tried to blame each other for causing failures to the business. The dispute came worst when 12 of the investors left the company and the business now simply has 1 shareholder who may be Anggun. The shareholder then continues together with the business although the number of the shareholders is reduced listed below two. Because of the problems, Anggun now intent to dissolve the business enterprise since your woman thinks the fact that company may settle the debts inside 12 months. Concurrently, Bank Aku also want to have legal actions to the firm by applying to the court to dissolve the corporation.

ACKNOWLEDGEMENT

Bismillahirrahmanirahim.

Assalamualaikum T. B. To.

Firstly, by the grace of Al Mighty Allah, we all did find a way to complete this assignment upon Problem Based Learning Project: Winding From a Company. And we would like to bless you our parents that give all of us support and other motivation to carry on to finish this kind of assignment and make an investigation and so on. Then simply, thanks to each of the members which can be Amir Zulhusni, Firdaus, Muhamad Amirul Izzuddin, Muzammil Aqmal and Nurul Ashiqin intended for the assistance that makes this assignment completed well and finished on time. We likewise take this possibility to express a deep perception of gratitude to Firm Law's lecturer, Madam Siti Nur Samawati binti Ahmad for her support, valuable info and direction, which helped us in completing this kind of assignment through various levels for self learning based on problems provided. This job taught all of us more about the importance to get the inquiry expertise to solve issue. We also have learn to study independently that could nurture the positive attitude to increase our research. If it's not really because of all of them, we will not full this assignment this very well. Thank you.

FINDINGS

Case Fact

Bank Aku Bhd experienced sent to HURUF Bhd a statutory require claiming pertaining to sum credited that amounted to RM 300, 500 but the financial obligations stated in the statutory demand was RM 300, 050. Issue Engaged

The issue is if the validity of statutory require sent simply by Bank Aku Bhd to ABC Bhd since there is certainly misstatement of amount sum due that was exceeded than real amount. Relevant Section

Inability to Meet Statutory Demand

Under Section 218 (2) (a) of Companies Take action 1965 explained that a organization shall be regarded to be unable to pay the debt every time a creditor who may be owed a debt in a sum exceeding of RM 500 than due can be served a demand to require the corporation to pay for the debt. If the organization, which following 3 weeks of service of demand, did not pay the sum credited, the company is deemed to get unable to shell out its personal debt. Since there is failure to fulfill the statutory demand, a creditor can establish the ground of insolvency under Section 218 (1) (e)...


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