PEMIUTANG PENGHAKIMAN RHB INVESTMENT BANK BERHAD PENGHUTANG PENGHAKIMAN AHMAD AKMAL BIN HAMZAH

PEMIUTANG PENGHAKIMAN RHB INVESTMENT BANK BERHAD PENGHUTANG PENGHAKIMAN AHMAD AKMAL BIN HAMZAH

The Consent Order constituted a final judgment supporting issuance of the Bankruptcy Notice; the Settlement Agreement and Supplemental SA preserved the creditor's rights and did not discharge or vary the guarantors where the guarantee expressly contracted out of ss.87,88,92 and 94 CA; the BN and certificate of indebtedness sufficiently particularised the debt and interest; exhaustion of execution under s.5(4) IA is required only against the principal debtor (who had no further remedies), and accordingly the creditor was entitled to leave under s.5(3)(b) and the appeals were allowed.

Citation
WA-29NCC-1070-06/2024 (Mahkamah Tinggi)
Parties
Judgment Debtor: LIM KIAN BOON; Judgment Debtor: AHMAD AKMAL BIN HAMZAH; Judgment Creditor: RHB INVESTMENT BANK BERHAD; Borrower: Arus Dermaga Sdn Bhd; Corporate Guarantor: One Petrol One Resources Berhad
Court
High Court
Jurisdiction
Malaysia
Judgment Date
13 January 2026
Case Number
WA-29NCC-1070-06/2024 (Mahkamah Tinggi)
Procedural Posture
Bankruptcy/insolvency Appeal (high Court, Commercial Division) / Appeal From Senior Assistant Registrar Decision; Judgment on Consolidated Appeals
Outcome
Appeals allowed in favour of the judgment creditor; orders made restoring the creditor's position and permitting bankruptcy steps to proceed against the guarantors; similar orders made in parallel proceedings.
Legal Topics
Setting Aside Bankruptcy Notice, Leave to Commence Bankruptcy Under S.5(3)(b) IA, Guarantor Liability and Effect of Settlement Agreements, Finality of Consent Orders, Exhaustion of Execution (s.5(4) Ia), Application of Ss.87, 88, 92, 94 Contracts Act, Post Judgment Interest and Limitation
Source Language
Malay/English
Insolvency Bankruptcy Contract Law Civil Procedure Limitation Law Setting Aside Bankruptcy Notice Leave to Commence Bankruptcy Under S.5(3)(b) IA Guarantor Liability and Effect of Settlement Agreements +4 more

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Parties

LIM KIAN BOON

Judgment Debtor

AHMAD AKMAL BIN HAMZAH

Judgment Debtor

RHB INVESTMENT BANK BERHAD

Judgment Creditor

Arus Dermaga Sdn Bhd

Borrower

One Petrol One Resources Berhad

Corporate Guarantor

Procedural Posture

Bankruptcy/insolvency Appeal (high Court, Commercial Division) / Appeal From Senior Assistant Registrar Decision; Judgment on Consolidated Appeals

Legal Issues

  1. 1 Whether the Consent Order is a final judgment under s.3(1)(i) IA
  2. 2 Whether the Bankruptcy Notice (BN) was defective or ambiguous
  3. 3 Whether the Settlement Agreement/Supplemental SA varied or discharged guarantors' liabilities

Ratio Decidendi

The Consent Order constituted a final judgment supporting issuance of the Bankruptcy Notice; the Settlement Agreement and Supplemental SA preserved the creditor's rights and did not discharge or vary the guarantors where the guarantee expressly contracted out of ss.87,88,92 and 94 CA; the BN and certificate of indebtedness sufficiently particularised the debt and interest; exhaustion of execution under s.5(4) IA is required only against the principal debtor (who had no further remedies), and accordingly the creditor was entitled to leave under s.5(3)(b) and the appeals were allowed.

Court Disposition

Appeals allowed in favour of the judgment creditor; orders made restoring the creditor's position and permitting bankruptcy steps to proceed against the guarantors; similar orders made in parallel proceedings.

Orders

  • Allow Encl 37 (appeal concerning setting aside the Bankruptcy Notice) in Bankruptcy 1069 and overturn the SAR's decision
  • Allow Encl 38 (appeal concerning leave to commence bankruptcy under s.5(3)(b)) in Bankruptcy 1069 and grant leave to proceed