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

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

The voluntary liquidation of TH Heavy Engineering Berhad could not be continued with due regard to the interests of creditors because of conflicts of interest and lack of independence of the voluntary liquidators, procedural irregularities, suspicious pre-liquidation transactions necessitating independent forensic investigation, and overwhelming support from independent creditors; accordingly the court ordered compulsory winding up under s464 and appointed the petitioners' nominees (Lim Tian Huat and Chiang Teng Guan) as joint and several liquidators, with costs awarded.

Citation
WA-28NCC-175-02/2024 (Mahkamah Tinggi)
Parties
Petitioner: Global Mariner Offshore Services Sdn Bhd; Petitioner: Boomslang Technology Sdn Bhd (formerly Blackstone Technology Sdn Bhd); Petitioner: Dynac Sdn Bhd; Respondent (in Creditors' Voluntary Liquidation): TH Heavy Engineering Berhad; Opposing Creditor: Star Kris Services Sdn Bhd; Supporting Creditor: NSF Engineering Sdn Bhd; Official Receiver / Interim Liquidator: Official Receiver (Jabatan Insolvensi Malaysia); Major Shareholder / Interested Party: Urusharta Jamaah Sdn Bhd
Court
High Court
Jurisdiction
Malaysia
Judgment Date
27 May 2025
Case Number
WA-28NCC-175-02/2024 (Mahkamah Tinggi)
Procedural Posture
Companies (winding Up) Conversion of Voluntary Liquidation to Compulsory Liquidation / Judgment on Conversion and Contested Appointment of Liquidators (orders Made)
Outcome
Enclosure 1 allowed (conversion ordered); Enclosure 86 dismissed (opposition to nominees rejected)
Legal Topics
Winding Up, Conversion of Voluntary to Compulsory Liquidation, Appointment of Liquidators, Conflict of Interest, Independent Investigation, Creditor Rights, Preferential Transactions
Source Language
Malay/English
Company Law Insolvency Law Commercial Law Civil Procedure Winding Up Conversion of Voluntary to Compulsory Liquidation Appointment of Liquidators Conflict of Interest +3 more

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Parties

Global Mariner Offshore Services Sdn Bhd

Petitioner

Boomslang Technology Sdn Bhd (formerly Blackstone Technology Sdn Bhd)

Petitioner

Dynac Sdn Bhd

Petitioner

TH Heavy Engineering Berhad

Respondent (in Creditors' Voluntary Liquidation)

Star Kris Services Sdn Bhd

Opposing Creditor

NSF Engineering Sdn Bhd

Supporting Creditor

Official Receiver (Jabatan Insolvensi Malaysia)

Official Receiver / Interim Liquidator

Urusharta Jamaah Sdn Bhd

Major Shareholder / Interested Party

Procedural Posture

Companies (winding Up) Conversion of Voluntary Liquidation to Compulsory Liquidation / Judgment on Conversion and Contested Appointment of Liquidators (orders Made)

Legal Issues

  1. 1 Whether voluntary liquidation could continue with due regard to creditors under s464(2)(d) Companies Act 2016
  2. 2 Whether interim liquidators and voluntary process exhibited conflicts of interest and lack of independence necessitating court supervision
  3. 3 Whether petitioning creditors' nominees for liquidators should be appointed despite pending appeal against judgment debt

Ratio Decidendi

The voluntary liquidation of TH Heavy Engineering Berhad could not be continued with due regard to the interests of creditors because of conflicts of interest and lack of independence of the voluntary liquidators, procedural irregularities, suspicious pre-liquidation transactions necessitating independent forensic investigation, and overwhelming support from independent creditors; accordingly the court ordered compulsory winding up under s464 and appointed the petitioners' nominees (Lim Tian Huat and Chiang Teng Guan) as joint and several liquidators, with costs awarded.

Court Disposition

Enclosure 1 allowed (conversion ordered); Enclosure 86 dismissed (opposition to nominees rejected)

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 are appointed as joint and several liquidators of TH Heavy Engineering Berhad