JUDGMENT

VC George J

The petition to have Kemajuan Bersatu Enterprise Sdn Bhd wound up was presented on 16 August 1991. It has been fixed for disposal on 22 January 1992.

The matter now before me is the notice of motion encl 8 in the court file, by which the petitioner seeks to have appointed provisional liquidators of the respondent company pending the disposal of the petition or until further order.

The background

The respondent company was incorporated on 18 January 1978. Its primary business was that of a housing developer. Its main, if not only, undertaking was a housing development called Taman Kemajuan at Ulu Tiram in Johore, work on which was commenced in or about 1978. It was a down market development and was to consist of 129 units, largely of single storey terrace and semi-detached houses. The registered owner of the land on which the project was to be implemented was not the respondent company but one Hwa and Hwa Development Sdn Bhd ('Hwa & Hwa') In order to finance the project the respondent company obtained loan facilities from the petitioner bank. As a measure of security for the facilities, the respondent company provided the bank with a third party charge of the sa