Question 4

a) Satin Sdn Bhd (SSB) is a company incorporated under the Companies Act 2016. After a few years of carrying on business, SSB is now having a vast amount of debts to many creditors. A few months ago, SSB received a court judgment ordering it to pay a sum of RM100,000 to three (3) creditors who have brought legal actions against them. Unfortunately, as to date, SSB could not satisfy the order. When discussion with the clients and investors to settle the matter in a peaceful manner reached a dead end, the board of directors finally decide to wind up the company. Based on the above situation, advise the board of directors of SSB as to the best manner to winding up the company as provided under the Company Act 2016. (10 marks)

b) Hajar was a founder and a member of Turquoise Wangi Sdn Bhd. She invited Samir and his son, Ibrahim to join the company and they are also appointed as directors. The company was formed on mutual understanding that every member could participate in the management and appointed as a director and will receive salary. Dispute occurred between Hajar and the other two directors. As a result, Samir and Ibrahim passed a resolution to remove Hajar as a director and she loses the position of director as well as the salary. Samir and Ibrahim also failed to hold general meetings and to make available the company's account to the members. Hajar was unhappy with the whole incidents and she wishes to petition for winding up of the company. Based on the above situation, advise Hajar as to the best manner to winding up the company as provided under the Company Act 2016 and the consequences of presentation of petition to wind up the company. (10 marks)

(Total 20 marks)