PEMPETISYEN 1. ) HSBC AMANAH MALAYSIA BERHAD 2. ) AMBANK ISLAMIC BERHAD 3. ) BANK ISLAM MALAYSIA BERHAD 4. ) MIDF AMANAH INVESTMENT BANK BERHAD 5. ) STANDARD CHARTERED SAADIQ BERHAD 6. ) UNITED OVERSEAS BANK (MALAYSIA) BHD SERBA DINAMIK GRO

PEMPETISYEN 1. ) HSBC AMANAH MALAYSIA BERHAD 2. ) AMBANK ISLAMIC BERHAD 3. ) BANK ISLAM MALAYSIA BERHAD 4. ) MIDF AMANAH INVESTMENT BANK BERHAD 5. ) STANDARD CHARTERED SAADIQ BERHAD 6. ) UNITED OVERSEAS BANK (MALAYSIA) BHD SERBA DINAMIK GRO

The application to adjourn was dismissed because the respondent failed to produce credible evidence to support its assertions that assets would suffice to repay creditors or that an out-of-court sale would produce superior returns; Interim Liquidator reports and the companies' refusal to provide mandatory statements of affairs demonstrated insolvency and lack of transparency; contested/encumbered assets and procedural delay would prejudice creditors, therefore adjournment was not justified.

Citation
WA-28NCC-347-04/2022 (Mahkamah Tinggi)
Parties
Petitioner: HSBC Amanah Malaysia Berhad; Petitioner: Ambank Islamic Berhad; Petitioner: Bank Islam Malaysia Berhad; Petitioner: MIDF Amanah Investment Bank Berhad; Petitioner: Standard Chartered Saadiq Berhad; Petitioner: United Overseas Bank (Malaysia) Berhad; Respondent: Serba Dinamik Group Berhad
Court
High Court
Jurisdiction
Malaysia
Judgment Date
10 January 2023
Case Number
WA-28NCC-347-04/2022 (Mahkamah Tinggi)
Procedural Posture
Winding Up Petition (companies Act 2016) / Application to Adjourn Hearing Under Section 469(1)(b); Hearing and Judgment on Adjournment
Outcome
Application dismissed with no order as to costs
Legal Topics
Winding Up, Interim Liquidator Appointment, Adjournment/postponement of Hearing, Scheme of Arrangement
Source Language
Malay/English
Company Law Insolvency Law Commercial Law Winding Up Interim Liquidator Appointment Adjournment/postponement of Hearing Scheme of Arrangement

Case Brief

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Parties

HSBC Amanah Malaysia Berhad

Petitioner

Ambank Islamic Berhad

Petitioner

Bank Islam Malaysia Berhad

Petitioner

MIDF Amanah Investment Bank Berhad

Petitioner

Standard Chartered Saadiq Berhad

Petitioner

United Overseas Bank (Malaysia) Berhad

Petitioner

Serba Dinamik Group Berhad

Respondent

Procedural Posture

Winding Up Petition (companies Act 2016) / Application to Adjourn Hearing Under Section 469(1)(b); Hearing and Judgment on Adjournment

Legal Issues

  1. 1 Whether the hearing of the winding-up petition should be adjourned under s469(1)(b)
  2. 2 Whether the respondent demonstrated that assets could be sold outside winding-up to realize value exceeding creditors' claims
  3. 3 Credibility and sufficiency of respondent's evidence in support of adjournment

Ratio Decidendi

The application to adjourn was dismissed because the respondent failed to produce credible evidence to support its assertions that assets would suffice to repay creditors or that an out-of-court sale would produce superior returns; Interim Liquidator reports and the companies' refusal to provide mandatory statements of affairs demonstrated insolvency and lack of transparency; contested/encumbered assets and procedural delay would prejudice creditors, therefore adjournment was not justified.

Court Disposition

Application dismissed with no order as to costs

Orders

  • The summons in Enclosure 148 to adjourn the hearing of the winding-up petition is dismissed
  • No order as to costs