14 Dec 2025
POLARIS MARITIME TRAINING ACADEMY SDN. BHD. 1. ) Pendaftar Syarikat Suruhanjaya Syarikat Malaysia 2. ) Ketua Pengarah Insolvensi Jabatan Insolvensi Malaysia
- Citation
- KA-24NCvC-90-03/2025 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- KA-24NCvC-90-03/2025 (Mahkamah Tinggi)
The application was dismissed because the shares of the adjudged bankrupt shareholders had vested in the Director General of Insolvency under the Insolvency Act 1967, ss 8(1)(b), 55(4) and 58; ss 103 and 602 of the Companies Act 2016 relate only to rectification of company records and cannot be used to effect transfer of property vested in the DGI; consequently the Sessions Court order purporting to divest the bankrupts of their shares is invalid and unenforceable without the DGI's consent.