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MLM Sdn Bhd is a game developer company. The company managed to develop highly rated games in mobile phone, which has been sold globally. In
MLM Sdn Bhd is a game developer company. The company managed to develop highly rated games in mobile phone, which has been sold globally. In March 2012, the company obtained a loan from MJT Bank for which the company created a charge over its property located at Kok Lanas, Kelantan. However, the charge was not registered. In May 2013, the company entered into a loan agreement with Tijarah Finance, secured by its book debts. Both parties agreed that the company can pay the proceeds of the charged book debts into its own account and could use them in the normal course of business. The charge was duly registered. Subsequently in January 2014, the company created a charge over its stock-in-trade and undertaking in favour of GGWP Finance. The loan agreement contains a clause preventing the company from creating subsequent charges without the consent of the bank. The charge was duly registered. In June 2015, the company charged its building to secure a loan with Bank Dagang. The charge was duly registered. Due to some financial constraints the company was unable to pay the employees' salaries for December 2014. Two of their directors agreed to give loan to the company for that purpose. In October 2017, the company went into liquidation. The liquidator discovered that there was a legal action for outstanding payment against the MLM Sdn Bhd by one of its suppliers, Techies Enterprise. Techies Enterprise managed to obtained judgment debt from the court on August 2016. Advise the liquidator regarding the priority of the above creditors
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