22 Mar 2021
Mark Ho and Eldarius Yong for the Applicant Liquidators [Messrs Chellam & Wong] PIHAK KETIGA Henry Quah and Dwayne Pinto for the Joint Management Body of Duet Residence [Messrs The Chambers of Lim Yeu Ren]
- Citation
- POST WINDING-UP NO. WA-28PW-312-09/2020 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- POST WINDING-UP NO. WA-28PW-312-09/2020 (Mahkamah Tinggi)
The JMB cannot be authorised to act for purchasers under the SPAs because the SMA confers no power to assume purchasers' contractual rights and the JMB is not party to the SPAs; under s.7A HDA the stakeholder monies vest in the liquidator who must apply them to discharge developer obligations (priority: strata title application first, then common property rectification, then creditors) and the liquidators' estimated administrative expenses of RM1,236,000 (including remuneration on time-cost basis) may be ring-fenced as fair and reasonable given creditor approval under Companies Act s.479.