20 Apr 2022
Sohan Yong-Tharumarajah and Jonathan Sidhu for the Applicant (Enclosure 23 & 27) [Messrs T Tharuma & Associates] PENCELAH 1. ) S Raven and Janice Tay Shu Hui for the 1st 89th Interveners (Enclosure 23 & 27) [Messrs S Ravevesan] 2. ) Low Eu
- Citation
- WA-28JM-1-01/2022 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-28JM-1-01/2022 (Mahkamah Tinggi)
The High Court found on the balance of probabilities that the Company was unable to pay its debts (liabilities exceeded assets) and that the draft proposals, together with a potential investor, made it more probable than not that judicial management would enable survival or a more advantageous realisation of assets than winding up; accordingly the court granted the Originating Summons and placed the Company under judicial management and appointed judicial managers, permitting preparation and circulation of a statement of proposal under section 420 Companies Act 2016.