12 Jun 2020
LITAR SISTEM ADILKAP SDN BHD (COMPANIES NO.: A-02(NCC)(A)-1508-08/2019 1. LEE TEAK HOCK (NO. K/P: 550907-08-5441) 2. LEE SOON HONG (NO. K/P: 810124-08-5785)
- Citation
- A-02(NCC)(A)-1508-08/2019 (Mahkamah Rayuan)
- Court
- NCC
- Case number
- A-02(NCC)(A)-1508-08/2019 (Mahkamah Rayuan)
Section 465(1)(j) CA does not cover moneylending under the Moneylenders Act as "licensed business" is defined by FSA/IFSA to mean banking/insurance/investment banking and Islamic equivalents; furthermore the petition failed on s.465(1)(f) and (h) grounds because petitioners delayed unreasonably, acquiesced to the transactions, some funds were returned, petitioners did not come with clean hands and the company was a solvent going concern, so winding up was not justifiable; accordingly the High Court winding up order was set aside.