Malaysia Case Law: Decisions & Judgments | LexChat

Topic

Scheme of arrangement (s366)

Legal area

Court

21 Jan 2020

GOLDEN AFFINITY DEVELOPMENT SDN. BHD. (IN LIQUIDATION) 1. LIM YOK WAH (I/C NO: 470214-08-5537) 2. LIM BOON KANG (I/C NO: 730911-14-5273) 3. SEE KOK SENG (I/C NO: 730511-10-5707) 4. LEW HAW HANN (I/C NO: 731001-10-6325) 5. ES ENG SOON HOLDIN

Citation

WA-22NCC-472-08/2019 (Mahkamah Tinggi)
Court

High Court
Case number

WA-22NCC-472-08/2019 (Mahkamah Tinggi)

Court refused leave to intervene because the Proposed Intervener, as an unsecured creditor, failed to show intervention was necessary and its intervention would materially risk frustrating a bona fide, evidenced scheme of arrangement under s366 which served wider public and creditor interests; balancing of interests favoured allowing the scheme to proceed and upholding the restraining order rather than permitting the winding up to continue.
18 Oct 2019

DATO’ SERI TIMOR SHAH RAFIQ NAUTILUS TUG & TOWAGE SDN. BHD.

Citation

WA-24NCC-392-08/2018 (Mahkamah Tinggi)
Court

High Court
Case number

WA-24NCC-392-08/2018 (Mahkamah Tinggi)

The court exercised its discretion to refuse leave to intervene because the Proposed Intervener, an unsecured creditor seeking to pursue winding up, would disrupt a bona fide scheme of arrangement sanctioned to revive the project and protect purchasers and public interest; the interests of the collective scheme creditors and the public outweighed the single unsecured creditor's interest, and allowing intervention would likely frustrate the scheme's implementation.