Application for Termination of Winding Up

 
Mode: Summons in Chambers (Understanding: Notice of motion is only for those matters listed in the winding up rules), supported by Affidavit in Support

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Lee Shih stated on 4.12.2017 that "The Companies Act 2016 only provides for the prescribed form under section 493 for lodging the court order for termination. This is found on the SSM website. The procedure for such termination would have to be governed generally under case law as well as the Winding Up Rules 1972. The winding up rules do not explicit set out the procedure for termination (and neither does it set out the stay procedure), but I am of the view that the application can be made by way of Summons in Chambers under Rule 6 read together with Rule 7 (2) of the Winding Up Rules.

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So the story was, we applied by SIC, and proposed to make all payments to Insolvency Department. 

Insolvency had no objections to a stay, pending their preparation of a report. 

In the end, client had to pay fees of approximately RM115K to the Insolvency Department for the termination to be granted (fees charged by the Insolvency Department).

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Moral of the story: Don't ignore demands from creditors, if you're wound up and wish to revive the company, it would be a more challenging task. 

But we managed to get the Winding Up Order terminated within 1 month of its grant, which was not bad at all.