Lee Hun Hoe CJ (Borneo):

We allowed the appeal and stated that we would give our reasons. We do so now.

The appeal is against the decision of the learned Judge in striking off the creditor's petition. The appellant is the judgment creditor and the respondent the judgment debtor.

On 23 January 1976 the appellant obtained a judgment in the High Court (Civil Suit No. 817 of 1974) against the respondent in the sum of RM360,749.46 with costs together with interest at 6% per annum on the sum of RM100,000 only. The respondent failed to satisfy the judgment.

On 24 September 1979 by a writ of seizure and sale the appellant applied for leave to levy execution on the respondent's 75,000 ordinary shares in Global Insurance Co. Sdn. Bhd. (formerly known as Sovereign General Insurance Sdn. Bhd.). On 25 January 1980 these shares in the respondent's name were eventually changed and issued to the Sheriff to satisfy the judgment. On 20 June 1980 the Sheriff obtained an order to sell the said shares by way of private treaty to one of the shareholders Mr. Tan Kim Wah at a price of RM75,000 at RM1 per share. This sum was paid to the appellant to set off the judgment debt.

On 20 November 1980