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(1)
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A company (whether or not it is being wound up voluntarily) may be wound up under an order of the Court on the petition, of -
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(a)
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the company;
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(b)
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any creditor, including a contingent or prospective creditor, of the company;
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(c)
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a contributory or any person who is the personal representative of a deceased contributory or the
trustee in bankruptcy or the official Assignee of the state of a bankrupt contributory;
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(d)
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the liquidator
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(e)
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the Minister pursuant to section 205 or on the ground specified in section 218 (1) (d)
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(f)
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in the case of a company which is a licensed institution, or a scheduled institution in respect of
which the Minister charged with responsibility for finance has made an order under section 24 (1) of the
Banking and Financial Institution Act 1989, or a non-scheduled institution in respect of which such
Minister has made an order under section 93 (1) of that Act, Bank Negara MALAYSIA; or of any two or
more those parties.
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(1)
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A company may be wound up voluntarily -
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(a)
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when the period, if any, fixed for the duration of the company by memorandum or articles expires,
or the event, if any, occurs, on the occurrence of which the memorandum or articles provide that
the company is to be dissolved and the company in general meeting has passed a resolution
requiring the company to be wound up voluntarily; or
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(b)
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if the company so resolves by special resolution.
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(2)
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A company shall -
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(a)
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within seven days after passing of a resolution for voluntarily winding up lodge a printed copy of
the resolution with the Registrar and
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(b)
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within ten days after the passing of the resolution give notice of the resolution in a newspaper circulating generally throughout MALAYSIA
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(1)
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Where the directors of a company have made a statutory declaration in the prescribed form which has
been lodged with the Registrar and with the Official Receiver -
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(a)
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that the company cannot by reason of its liabilities continue its business; and
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(b)
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that meetings of the company and of its creditors have been summoned for a date within one month of
the date of the declaration, the directors shall forthwith appoint an approved liquidator to be the
provisional liquidator.
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(2)
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A provisional liquidator shall have and may exercise all functions and powers of a liquidator in a
creditors’ winding up subject to such limitations and restrictions as may be prescribed by the rules.
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(3)
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The appointment of a provisional liquidator under this section shall continue for one month from
the date of his appointment or for such further period as the Official Receiver may allow in any
particular case or until the appointment of a liquidator (whichever first occurs).
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(4)
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Notice of the appointment of a provisional liquidator under this section together with the copy of declaration lodged with the Registrar
shall be advertised within fourteen days of the appointment of the provisional liquidator in some newspaper circulating generally throughout MALAYSIA.
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(5)
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A provisional liquidator shall be entitled to receive such salary or remuneration by way of percentage
or otherwise as is prescribed.
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