[1] The appeal raised questions of some significance relating to the duties and powers of a Liquidator in respect of proof of debts lodged by creditors.

[2] On 26 April 2022, this Court granted the Appellant leave to appeal in respect to the following questions of law:

Question 1

Can the Limitation Act 1953 apply to Proof of Debt which is accepted and not formally rejected by a Liquidator?

Question 2

Can the Liquidators unilaterally impose interest on the basis of a commercial decision and at a rate unilaterally decided by them despite the absence of any contractual provision and/or agreement by the Appellant?

The Factual Background

[3] The facts are not complicated and mainly, undisputed. However, it is necessary to set out the material facts to appreciate the issues argued in this appeal. By a Shareholders' Agreement dated 2 November 1993 UEM Group Berhad formerly known as