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COURT OF APPEAL KUALA LUMPUR
KREDIN SDN BHD – Appellant
Versus
DEVELOPMENT & COMMERCIAL BANK BERHAD – Respondent
[1] The only matter in issue in this appeal is the interpretation to be given to s 219(2) of the Companies Act, 1965 and its practical effect when read together with s 224 of the same Act. This issue is further compounded by the fact that there are now in existence two conflicting decisions of the High Court based on facts that are somewhat similar.
[2]Section 219 fixes the commencement of a winding up by the Court in voluntary and compulsory winding up petitions and in the case of the latter, subsection (2) deems such commencement to be at the time the winding up petition is presented. For ease of reference, I reproduce s 219(2) as follows:
(2) In any other case the winding up shall be deemed to have commenced at the time of the presentation of the petition for the winding up.
[3]Section 224, on the other hand, is concerned with the avoidance of certain attachments, etc. after the commencement of a winding up and in substance it reads as follow:
224 Any attachment, sequestration distress or execution put in force against the estate or effects of the company after the commencement of the winding up by the Court shall be void.
[4] The undisputed facts leadi
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