Malaysia Case Law: Decisions & Judgments

Topic

Surrender of security

Legal area

Court

7 Feb 2024

DA-28PW-7-08/2023 (Mahkamah Tinggi)

Citation

DA-28PW-7-08/2023 (Mahkamah Tinggi)
Court

High Court
Case number

DA-28PW-7-08/2023 (Mahkamah Tinggi)

Section 524 of the Companies Act 2016 and Items 9-11 of Schedule C of the Insolvency Act 1967 do not apply to a third‑party secured creditor whose security was created by a third party; applying those insolvency provisions to third‑party security would conflict with Section 268(3) National Land Code and would improperly subject non‑bankrupt third‑party property to DGI jurisdiction. Therefore the DGI's rejection of the Petitioner's POD for failure to surrender the third‑party security was set aside and the POD must be admitted.
10 Dec 2021

Dato K Kirubakaran, S Ravenesan and Siti Nur Amirah Aqilah binti Adzman for the Applicant [Messrs S. Ravenesan] LAIN-LAIN 1. ) Gabriel Daniel and Melissa Chan Shyuk Wern for the Liquidator [Messrs Paul Ong & Associates] 2. ) Gary Ng Cheng Y

Citation

POST WINDING-UP SUIT NO.: WA-28PW-18-01/2020 (Mahkamah Tinggi)
Court

High Court
Case number

POST WINDING-UP SUIT NO.: WA-28PW-18-01/2020 (Mahkamah Tinggi)

The court found on the facts that the filing of the Proof of Debt did not amount to an unequivocal election to surrender security because the POD did not value the security, the filing was inadvertent/laxity by prior solicitors, the applicant had exercised its security by appointing a receiver (appointment known to the liquidator), and the liquidator's conduct and delay estopped the liquidator from asserting surrender; consequently the court granted leave to withdraw the POD and restored the applicant as secured creditor, exercising inherent jurisdiction alongside Act 125 principles.
10 Dec 2021

Dato K Kirubakaran, S Ravenesan and Siti Nur Amirah Aqilah binti Adzman for the Applicant [Messrs S. Ravenesan] LAIN-LAIN 1. ) Gabriel Daniel and Melissa Chan Shyuk Wern for the Liquidator [Messrs Paul Ong & Associates] 2. ) Gary Ng Cheng Y

Citation

POST WINDING-UP SUIT NO.: WA-28PW-18-01/2020 (Mahkamah Tinggi)
Court

High Court
Case number

POST WINDING-UP SUIT NO.: WA-28PW-18-01/2020 (Mahkamah Tinggi)

Act 125 governed the matter; filing of the POD without valuation was not an unequivocal election to surrender security given the Applicant's subsequent appointment of a receiver, the Liquidator's prior knowledge and lack of timely objection, and the delayed admission of the POD by the Liquidator; the Court may, exercising inherent jurisdiction and applying principles in bankruptcy and winding up law, accept inadvertence and permit withdrawal of the POD and restoration of the Applicant as a secured creditor.

Malaysia Case Law

DA-28PW-7-08/2023 (Mahkamah Tinggi)

Dato K Kirubakaran, S Ravenesan and Siti Nur Amirah Aqilah binti Adzman for the Applicant [Messrs S. Ravenesan] LAIN-LAIN 1. ) Gabriel Daniel and Melissa Chan Shyuk Wern for the Liquidator [Messrs Paul Ong & Associates] 2. ) Gary Ng Cheng Y

Dato K Kirubakaran, S Ravenesan and Siti Nur Amirah Aqilah binti Adzman for the Applicant [Messrs S. Ravenesan] LAIN-LAIN 1. ) Gabriel Daniel and Melissa Chan Shyuk Wern for the Liquidator [Messrs Paul Ong & Associates] 2. ) Gary Ng Cheng Y