Question

Mickey and Goofy are directors and equal shareholders of MG Rugs Sdn Bhd, incorporated in year 2000. Throughout these years they built and grew their carpet business together. When Goofy's son graduated from university last year, both Mickey and Goofy appointed him as director and additional shares were issued in his favor. Soon after, Goofy and his son signed a resolution to remove Mickey as a director. After Mickey left, Goofy and his son cancelled many contracts with regular customers and sold most of MG Rugs Sdn Bhd's assets, using the cash obtained to start a restaurant business.

Consider sections 346 and 465 of the Companies Act 2016 and advise Mickey whether he should apply to court to liquidate MG Rugs Sdn Bhd.