When a company is placed in a liquidation/winding-up status, any legal action to be taken shall require sanction from the Liquidator or the Official Receiver as the case may be.
In the case of Lai King Lung & Anor v Merais Sdn Bhd, the sanction from the Liquidator was obtained subsequent to the Court application date and the sanction was stated as to take effect retrospectively.
The Apex Court held that the sanction has no retrospective effect.
How can Bizboard help?
As a team of professional accountants, Bizboard work and liaise with various professionals such as legal advisors, financial institutions, government authorities and other related professionals to achieve the best possible solution and highest recovery for all stakeholders throughout the insolvency or restructuring process.
Bizboard act as independent adviser to ensure the process is conducted in proper order and in accordance to the relevant laws and regulations. Our highly qualified team have worked throughout various cases in different industries and have an extensive knowledge of business and the impact on stakeholders when a company faces financial distress.
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