KUALA LUMPUR (May 29): The liquidator for Serba Dinamik Holdings Bhd (SDHB) and Serba Dinamik Group Bhd (SDGB), Victor Saw Seng Kee, has filed an application to the High Court for a meeting of creditors and a meeting of contributories.
The application was filed at the High Court on May 11, through Messrs Lim Chee Wee and Partners.
Saw, who is from PriceWaterhouseCoopers Advisory Sdn Bhd (PWC), was officially appointed as liquidator by the High Court on Jan 10, after the court had allowed the winding-up petition of SDHB and three of its companies, including SDGB.
On March 16, the High Court also refused a permanent stay of the winding-up, pending the company’s appeal to the Court of Appeal (COA). The appeal is still pending at the COA.
The liquidator in his Forms of Summons (General) application that was submitted to the High Court, sought approval for a meeting of creditors and contributories of SDHB and SDGB, pursuant to Section 521 of the Companies Act 2016.
The proposed meeting is held to understand the wishes of creditors and contributories in the process of the companies being wound up and upon the meeting, the liquidator would report the outcome to the court by way of an affidavit.
Contributories are entities liable to help with adding to the assets of the companies that are being wound up.
Besides this, Saw is also at liberty to seek any further directions in the post-winding up proceedings, and other relief deemed necessary by the court, the application states.
A file search by The Edge revealed that Saw had filed an affidavit in support of the application, where he had sought direction on whether the meeting with the creditors and contributories can be held virtually if necessary.
However, he said that he intends to proceed with these meetings physically, in order to allow both parties to attend them, and to pose questions and have answers face-to-face.
He further said that as the liquidator, he intends to issue the notice calling for a proof of debt exercise and the notice for the court meetings of creditors and contributories, after the order is granted. He may also ask for the publication of the relevant announcement on the Bursa Malaysia Securities Bhd website, and on Serba Dinamik’s website.
This, Saw added, will allow for wider public notice to be given to the pool of creditors and contributories on the holding of the meeting.
One of the purposes of the meeting is a proposal for the establishment of a Committee of Inspection (COI), and its composition of not more than five members would depend on the number of creditors and contributories who attend the meeting, the court document states.
“The lodgement of the proofs of debt is for the purposes of voting at the court meeting,” Saw said, adding in his affidavit that as liquidator, he intends to provide an online portal on the Serba Dinamik website, to allow for the submission of the proof of debt forms.
Saw further said the meetings will allow him as a liquidator to provide an update on the winding up process and to answer any queries that the creditors or contributories may have, and the meeting can also help determine if the creditors and contributories want to form a COI.
The COI could then be a consultative body to work together with Saw for the benefit of the winding up process.
A case management of the matter was held before High Court deputy registrar Ellyana Razali on Monday (May 29). Ellyana has now fixed July 14 for hearing of the application before judge Ahmad Murad Abdul Aziz.