PEMPETISYEN 1. ) Globalmariner Offshore Services Sdn Bhd 2. ) BOOMSLANG TECHNOLOGY SDN. BHD. 3. ) Dynac Sdn Bhd 1. ) TH HEAVY ENGINEERING BERHAD (DALAM PENGGULUNGAN) 2. ) TH HEAVY ENGINEERING BERHAD PIHAK TERKILAN 1. ) STAR KRIS SERVICES SD

Parties

Procedural Posture

Companies (winding Up) Conversion of Creditors' Voluntary Liquidation to Compulsory Winding Up and Contest for Appointment of Liquidators / Final Judgment and Orders (conversion Allowed; Liquidators Appointed)

Legal Issues

1. 1 Whether the voluntary liquidation of THHE can be converted to compulsory liquidation under s464(2)(d) CA 2016
2. 2 Whether the interim voluntary liquidators had conflicts of interest and whether the voluntary process was bona fides
3. 3 Whether the petitioning creditors' nominated liquidators are fit, independent and should be appointed despite a pending appeal on judgment debt

Ratio Decidendi

The voluntary winding up of TH Heavy Engineering Berhad could not be continued with due regard to the interests of creditors because of procedural breaches, conflicts of interest of interim liquidators, suspicious pre-liquidation transactions and the demonstrable need for independent investigation; petitioners representing the majority of independent creditor value supported conversion and their nominated liquidators were fit and suitable, so the court ordered conversion to compulsory winding up and appointed the petitioners' nominees as joint and several liquidators.

Court Disposition

Enclosure 1 allowed (conversion to compulsory winding up); Enclosure 86 dismissed; Petitioners' nominated liquidators appointed

Orders

• TH Heavy Engineering Berhad be wound up by the court under Section 464(1) of the Companies Act 2016
• Mr Lim Tian Huat and Mr Chiang Teng Guan appointed as joint and several liquidators of TH Heavy Engineering Berhad