Official receiver appointed interim liquidator for TH Heavy Engineering

 

The High Court also granted the interim liquidator the right to exercise several statutory functions entrusted to a liquidator under the Companies Act 2016.

KUALA LUMPUR: The High Court here has appointed the official receiver as interim liquidator for TH Heavy Engineering Bhd (THHE) which was delisted from Bursa Malaysia two years ago.

The application was made by Globalmariner Offshore Services Sdn Bhd, Boomslang Technology Sdn Bhd and Dynac Sdn Bhd, three creditors of THHE.

The creditors had earlier this year petitioned for the compulsory winding up by the court of THHE and its subsidiary, THHE Fabricators Sdn Bhd.

The three firms contended that various breaches of statutory duties had taken place during THHE’s voluntary winding-up exercise.

The court also granted the interim liquidator the right to exercise several statutory functions entrusted to a liquidator under the Companies Act 2016.

“The interim liquidator is allowed to take into possession all books, records, papers and documents belonging or appearing to belong to the respondent (THHE) in which the respondent may appear to have an interest in, comprising of statutory records relating to the business and its assets, wherever they may be kept and whoever they may be kept by,” said Justice Arief Emran Arifin when granting the order on May 27.

Arief added that the interim liquidator “can also take custody and examine the audit and management account files of the auditors or otherwise the respondent”.

Lawyer David Mathews appeared for the three creditors.

He said the appointments of Andrew Heng and Ashwin Mahendran, the two liquidators previously appointed by THHE had lapsed in January, and that the official receiver had refused to extend their tenure.

This prompted the three companies to apply for an interim liquidator.

Mathews said the court also dealt with two other pending matters: an application by another creditor, Star Kris Services Sdn Bhd, to appoint one Gabriel Teo as liquidator; and THHE’s attempt to strike out the winding-up petition filed by the three creditors.

“THHE’s (striking out) application was dismissed, and the court struck out Star Kris’s application as they did not obtain leave under the Companies Act,” he said. - FMT