Judicial management applications must demonstrate bona fides and provide comprehensive disclosures; otherwise, they will be dismissed.

JUDGMENT

Nadzarin Wok Nordin JC

(Enclosure 1 & 48)

Introduction

[1] By way of an Ex Parte Originating Summons (OS) dated 25 October 2021, the Applicant has applied to this Court for an order pursuant to ss 404 ,405 and 410 of the Companies Act 2016 to inter alia

1.1 the Applicant, Surrealist Communities (M) Sdn Bhd be placed under judicial management of judicial managers pursuant to s 405 of the Companies Act 2016

1.2 Chong Chuan Long of C L Chong Advisory Sdn Bhd, an insolvency practitioner be appointed as the Judicial Managers of the Company ("the Judicial Manager")

1.3 The Company shall remain under judicial management for a period of six (6) months from the date of this Order, and during such period, no resolution shall be passed or order made for the winding-up of the Company

1.4 That all other and/or further proceedings or actions against the Company by any party but not limited to:-

(a) any winding-up proceedings or taking of any acting or proceedings, adjudication and/or arbitration;

(b) any enforcement, detention, or any other form of execution of any judgment and/or order and/or award against the Company and/or its property;

(c) any distress that may be levied against the Company and/or its property;

(d) any execution of the rights or remedies or powers of appointment of any receiver and manager over the Company (including but not limited to the taking of any actions or proceedings or continuing with the exercise of the rights or remedies under any Debenture);

(e) the enforcement of any charge on or the sale of any asset that is subject of any security interest created by the Company and/or its subsidiary companies over the Company's property;

(f) the repossession of any plant, equipment or machinery under any lease and/or hire purchase agreement and/or chattels leasing agreement and/or retention of title agreement obtained by the Company;

(g) transfer of any share of the Company and/or the alteration of the status of any member of the Company; shall only be commenced and/or continued against the Company and/or its property with the content of the Judicial Manager or with leave from this Honourable Court and subject to such terms as this Honourable Court may impose;

1.5 All the management of the affairs, business and property of the Company whether present and/or future and/or vested and/or contingent whether in Malaysia or elsewhere which the Company is or appears to be entitled to shall be in the custody and/or control and/or managed by the Judicial Manager;

1.6 The Judicial Manager shall be entitled to salary or remuneration by way of percentage to be agreed between the Company and the Judicial Managers to be paid out of any property which was in the custody and control of the Judicial Manager;

1.7 The Judicial Manager be at liberty to appoint and/or engage representatives, employees, agents, valuer, consultants, solicitors, accountants, auditors, tax agents and/or other professionally qualified persons to assist the Judicial Manager;

1.8 The Applicant to advertise the sealed Order herein in two widely circulated newspaper in Malaysia in both National and English languages which twenty- one (21) days from the date of the receipt of the Sealed Order from this Honorable Court;

1.9 The Applicant to lodge the sealed Order herein with the Companies Commission of Malaysia within twenty-one (21) days from the date of the receipt of the sealed Order from this Honorable Court;

1.10 The Company be given liberty to apply for any extension of this Order and/or any variation to this Order; and

1.11 Any further or other relief which this Honorable Court may deem fit and fair in the circumstances of this case.

[2] The Applicant has a total issued capital of RM250,000 and has an issued preference share of RM10,000,000 and its principal business is as a property construction and developer. The Applicant is associated with the following companies who are currently undertaking the following projects:-

(Impero Land Sdn Bhd and Impero Properties are hereinaf