Striking off Winding Up

Paul is a creditor of Jar King Berhad (JK). On 1 May, Paul filed a petition in court for the winding up of JK. Paul served the petition to JK on 30 May. The court heard the petition on 15 September. The winding up order of JK was made by the court on 2 October.

On which of the following dates is the winding up of the company deemed to have commenced?

• 2 October

• 15 September

• 30 May

• 1 May

Who may petition the court for an order to wind up a company?

• The company secretary

• The customer

• The company

• Any member of the public

When does a compulsory winding up of a company commence?

• At the time of the presentation of the petition

• At the time of the passing of the board resolution

• At the time stipulated in the petition

• At the time the court order is made

Who appoints a liquidator to undertake a creditors’ voluntary winding-up?

• The Registrar of Companies

• The shareholders of the company

• The directors of the company

• The creditors of the company

Which of the following are circumstances by which a company may be wound up by the court?

I. The company has by an ordinary resolution resolved that the company is to be wound up

II. The company is being used for unlawful purposes

III. The court is of the opinion that it is just and equitable for the company to be wound up

IV. The company does not commence its business within six months of its incorporation

• I, II and III only

• II and III only

• I, II and IV only

• I, III and IV only

The following are the characteristics of a Voluntary Winding Up EXCEPT

• Takes place when the company is insolvent

• The liquidator is appointed by the members

• Members voluntary winding up (MVWU)

• Creditors voluntary winding up (CVWU)

Which are the followings are the effects of winding up? (You may choose more than ONE answer)

• A standstill on any disposition of assets or transfer of shares from the date of commencement of liquidation.

• A stay of any execution of a judgment against the company and of any legal proceeding in which it is either plaintiff or defendant

• The appointment of auditor to access the company assets

• The effective dismissal of all directors, officers and employees of the company

Briefly explain the process of members voluntary winding up