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COURT OF APPEAL PUTRAJAYA
LAFARGE CONCRETE (MALAYSIA) SDN BHD – Appellant
Versus
GOLD TREND BUILDERS SDN BHD – Respondent
| Table of Content |
|---|
| 1. petition founded on inability to pay debts. (Para 1 , 2) |
| 2. respondent's arguments against petition. (Para 3 , 4 , 5 , 10) |
| 3. definitions and requirements of bona fide disputes. (Para 6 , 7 , 8 , 9) |
| 4. analysis of insolvency and ability to pay debts. (Para 12 , 13 , 14 , 15) |
| 5. assessment of insolvency and winding-up conditions. (Para 16 , 17 , 18 , 21) |
| 6. conclusion on winding-up order. (Para 19 , 20) |
[1] This is an appeal against the dismissal of the appellant's petition to wind up the respondent company pursuant to the provisions of s 218(1)(e) and (i) of the Companies Act 1965 (CA), which read as follows:
"218. Circumstances in which company may be wound up by court.
(1) the court may order the winding up if - ...
(e) the company is unable to pay its debts;...
(i) the court is of opinion that it is just an equitable that the company be wound up;"
[2] That petition was founded on the alleged inability of the respondent to pay its debt to the appellant. By letter dated 1 August 2007, the respondent proposed to settle its debt of RM53,701. 65 (it being, RM50,000. 00 as principal, and RM3,701. 65 as accrued interest) in eight instalments (see p 57 of the App
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