GLOBAL MARINER OFFSHORE SERVICES SDN BHD & ORS vs TH HEAVY ENGINEERING BERHAD

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

HIGH COURT MALAYA KUALA LUMPUR
GLOBAL MARINER OFFSHORE SERVICES SDN BHD & ORS – Appellant
Versus
TH HEAVY ENGINEERING BERHAD – Respondent

Table of Content
1. compulsory winding-up petition for thhe. (Para 1 , 2 , 4 , 9)
2. debts and prior attempts at restructuring. (Para 8 , 10 , 11 , 12)
3. legal framework and test for conversion. (Para 19 , 20 , 22 , 23 , 24)
4. concerns over voluntary liquidation process. (Para 38 , 39 , 40 , 42 , 43)
5. independent creditors favor compulsory winding-up. (Para 55 , 61 , 62 , 66)
6. court orders compulsory liquidation and liquidator appointment. (Para 67 , 135 , 137)

JUDGMENT

Atan Mustafa Yussof Ahmad J:

Introduction

[1] Before the court are two applications concerning TH Heavy Engineering Berhad ("THHE"), a company currently under creditors' voluntary liquidation ("CVL"). The first is a petition filed by the Petitioners seeking the compulsory winding up of THHE pursuant to s 464(1) and (2) of the Companies Act 2016 (" CA 2016") and the appointment of private liquidators (Enclosure 1). The second is an application by Star Kris Services Sdn Bhd ("Star Kris"), an opposing creditor, seeking the appointment of its nominated liquidator instead of those proposed by the Petitioners (Enclosure 86).

[2] This petition represents a rare instance of "conversion" proceedings, where creditors seek to c

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HIGH COURT MALAYA KUALA LUMPURGLOBAL MARINER OFFSHORE SERVICES SDN BHD & ORS – AppellantVersusTH HEAVY ENGINEERING BERHAD – Respondent

Cases Referred (2)

HIGH COURT MALAYA KUALA LUMPUR
GLOBAL MARINER OFFSHORE SERVICES SDN BHD & ORS – Appellant
Versus
TH HEAVY ENGINEERING BERHAD – Respondent