In this sub unit, you have learnt about winding up of company, its dissolution and striking of defunct company as largely provided under Part X of Companies Act 1965.
Firstly, two modes of winding up were discussed, namely by voluntarily and by Court. The sub unit distinguished the differences between the members’ voluntary winding up and the creditors’ voluntary winding up. It also explained circumstances of Section 218 of the Companies Act 1965, where the Company be wound up by the Court.
Secondly, the appointment of a liquidator by the company in a general meeting was explained. Section 258(1) deals with the company’s affairs and distributing its assets, and Section 258(4) deals with vacancy occurs in the office of the liquidator were discussed.
Lastly, the sub unit discussed the voluntary liquidation of a listed company, para 7.37 Bursa Malaysia Securities Listing Requirements was highlighted. Under the provision of the Act, Section 231, which the court may appoint a provisional liquidator at any time after the presentation of a winding-up application and before the making of a winding-up order was further explained for your understanding.
| Self-test 4.3
|Question to self-test 4.3||Suggested answers to self-test 4.3|