RE NEP HOLDINGS (MALAYSIA) BERHAD (IN LIQUIDATION IN MALAYSIA)

RE NEP HOLDINGS (MALAYSIA) BERHAD (IN LIQUIDATION IN MALAYSIA)

The Malaysian appointment of the Liquidators was recognised and targeted assistance was granted because the Re USUM recognition and assistance criteria were met and the Malaysian Companies Act 2016 statutorily conferred the specific powers sought; however a blanket stay of all proceedings was not authorised and any application for a stay must be brought before the Companies Judge.

Citation
[2026] HKCFI 1863
Parties
Joint and Several Liquidator (applicant): Datuk Ooi Woon Chee; Joint and Several Liquidator (applicant): Wong Ching Yong; Company (subject Company): NEP Holdings (Malaysia) Berhad (in liquidation)
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
27 March 2026
Case Number
HCMP2541/2025
Procedural Posture
Recognition and Assistance Under Common Law / Decision (chambers)
Outcome
Application granted in part: appointment recognised and specified assistance granted; blanket stay refused; liberty to apply; no order as to costs.
Legal Topics
Recognition of Foreign Liquidators, Cross Border Insolvency Assistance, Modified Universalism, Stay of Proceedings, Shareholder Rights and Appointment of Directors
Source Language
EN
Insolvency Private International Law Company Law Civil Procedure Recognition of Foreign Liquidators Cross Border Insolvency Assistance Modified Universalism Stay of Proceedings +1 more

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Parties

Datuk Ooi Woon Chee

Joint and Several Liquidator (applicant)

Wong Ching Yong

Joint and Several Liquidator (applicant)

NEP Holdings (Malaysia) Berhad (in liquidation)

Company (subject Company)

Procedural Posture

Recognition and Assistance Under Common Law / Decision (chambers)

Legal Issues

  1. 1 Whether Hong Kong court should recognise appointment of Malaysian liquidators
  2. 2 Whether Hong Kong court should grant specified assistance to foreign liquidators absent a letter of request
  3. 3 Whether the Liquidators have statutory authority under Malaysian law for the powers sought

Ratio Decidendi

The Malaysian appointment of the Liquidators was recognised and targeted assistance was granted because the Re USUM recognition and assistance criteria were met and the Malaysian Companies Act 2016 statutorily conferred the specific powers sought; however a blanket stay of all proceedings was not authorised and any application for a stay must be brought before the Companies Judge.

Court Disposition

Application granted in part: appointment recognised and specified assistance granted; blanket stay refused; liberty to apply; no order as to costs.

Orders

  • The liquidation of NEP Holdings (Malaysia) Berhad and the appointment of Datuk Ooi Woon Chee and Wong Ching Yong pursuant to the Malaysian winding-up order are recognised by this Court
  • The Liquidators may take into their custody or under their control all property to which the Company is or appears to be entitled including but not limited to 10,000 ordinary shares in NEP International (HK) Limited (BRN 63457373)