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Insolvency and Corporate Recovery

Insol-I Corporate Recovery PLT

Examples of circumstances that shareholders of a company may resolve to wind up the company voluntarily by members:-

  1. The purpose of the company no longer exists.
  2. There is no successor for its business.
  3. The business of the company no longer viable.
  4. Shareholders have fallen into dispute and would like to cash out and terminate their business.

Winding up is a procedure for shareholders to recover their capital investment and relieve the burden to maintain the company.

However if the company is insolvent, the company has to be wound-up by way of creditors voluntary winding up. Unless the directors has reasonable cause to believe that the company is able to pay its debts, directors of a company will be personally liable to the liability of the company if they carry on business when the company is insolvent.  A licensed liquidator has to be appointed for such appointment.

Among circumstances where a company may be ordered to be wound up by court are:-

  1. The company is unable to pay its debts.
  2. The directors have acted in the affairs of the company in their own interests rather than in the interests of the members as a whole, or in any other manner whatsoever which appears to be unfair or unjust to other members;
  3. The Court is of opinion that it is just and equitable that the company be wound up;
  4. The company does not commence business within a year from its incorporation or suspends its business for a whole year.

The winding up of a company by the court requires the appointment of a licensed liquidator to take over the management and control of the company; the custody of the assets including the bank accounts from the board of directors; realize the assets of the company; settle the liability according to the provision of the Company Act 1965 and Companies (Winding Up) Rules 1972 and if there is any surplus remaining; make distribution to the contributories.

Insol-I Corporate Recovery PLT has been registered with the Suruhanjaya Syarikat Malaysia as a limited liability Partnership to undertake liquidation, receivership and manager assignments.

Mr. Neoh Chin Wah, the Managing Partner of Insol-I Corporate Recovery PLT holds a liquidator license issued by the Ministry of Finance and has undertaken both court appointed liquidator and voluntary winding up assignments. The firm is supported by experienced staff in this very specialized professional field.

For enquiry and appointment please call Ms. Khoo Siew Chen at 04-2280020.

Auditing

Auditing services covers those audits assignment prescribed by law and those special audits under special terms of reference.

Statutory audits are those engagements made under the Companies Act 1967, the Buildings & Common Properties (Maintenance and Management) Act 2007, Societies Act 1966, Strata titles Act 1985, Legal Profession Act 1976, Cooperative Society Acts 1993 and Housing Development (Control and Licensing) Act 1966.

Special Audits are engagement for the purpose of due diligence, made in support of an affidavit of claims or as may be made by an order of the court.

The Managing Partner of TaxAdvisory PLT is also the Managing Partner of AljeffriDean, an audit firm of Chartered Accountants with six partners and offices in Georgetown, Bayan Baru, Prai, Sungai Petani, Kuala Lumpur.

Internationally, Aljeffridean is a member of Mgi, www.mgiworld.com, an association of independent auditing, accounting and consulting firms in 200 offices worldwide. Mgi offers business solution worldwide through its member firms such as AljeffriDean.

AljeffriDean views the engagement for statutory audits with two objectives:

  1. Express an opinion on the Financial Statements and the Directors Reports as to whether they comply with the relevant accounting standards and whether the provisions of the relevant laws that regulate the entity being audited have been complied with.
  2. Furnish comment and recommendation to the Board of Directors or the management on issue of weakness in areas such as governance, system of internal control, accounting procedure. The communication of our observation is to assist the directors and officers to discharge their governance responsibility and accountability with the view that the relevant entity may benefit by improve business or operating process.

We believe that through our well designed audit program, audit planning, effective communication and engagement with our clients; we are able to add value to our engagement without compromising our professional independence.    

For enquiry and appointment please call Mr. Andy Cheng 04-2280020 (Georgetown) or Ms. Lim Ka Buay 04-6464959 (Bayan Baru)

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