Recent discussions http://forum.guan.com.my Yes. It is part of their taxable supplies. 2015-04-11T04:35:03.0570000 http://forum.guan.com.my/chat/warm-water-charged-by-restourant-subject-to-gst As you know, one of the issues which has constantly plagued the banking industry is whether a bank can still proceed to realise assignments over rights to land by a private sale, AFTER the individual title has been issued, without having to perfect a land charge over the individual title first. This issue was decided by the Federal Court when it delivered its decision this Monday, 7.4.2015. In a case of ***Damai Freight (M) Sdn. Bhd. vs Affin Bank Berhad***, the Bank concerned was sued by the owner of the lease to land, when the Bank sold by private auction the lease over land, without knowing that the title deed to the same was already issued. The High Court had ruled in favour of the owner and held that the Bank would need to create a charge over the land to realise the security and could not have proceeded to sell pursuant to its rights as assignee. The matter was brought to the Court of Appeal, the Bank secured the reversal of the High Court decision. After the owner/Borrower was granted leave to appeal to the Federal Court, the full hearing of the appeal took place last year before the Federal Court. The Federal Court's decision was delivered this week on 7.4.2015. In a nutshell, the Federal Court dismissed the Borrower's appeal and recognised that the assignee Bank was effectively selling a chose in action (rights to the lease/land) and such security continued even if the individual title deed has been issued. The assignee Bank was thus still fully entitled to sell such chose in action (rights to the lease/land) without having to perfect a land charge over the individual title. This is also permissible, as there was nothing in the loan agreement/assignment which compelled the Bank to proceed to take a charge over the title, before it could realise the security. 2015-04-11T03:46:19.0070000 http://forum.guan.com.my/chat/banking-1 1. No initial monetary outlay need to be made i.e. advance payment. No fee is payable by the Petitioner to us for such appointment as Liquidator’s remuneration is based on the value of the assets and paid out from the assets of the Respondent Company; 2. The costs and expenses of winding up incurred by the Petitioner shall be paid out of the assets of the Company pursuant to Section 220 of Companies Act 1965. That means the costs of winding up incurred by the Petitioner to be paid by the Respondent Company from its assets when realised; 3. The appointment of Liquidator from the Court, there is no Letter of Indemnity to be sought by the Liquidator from the Petitioner, Creditors or Contributories against any actions against him. The Liquidator is not only fills a fiduciary position towards the secured creditors, but his appointment to an officer of Court of such responsibility presupposes that he will discharge his duties in good faith in all transactions for all creditors and/or contributories; and 4. Upon the pronouncement of the winding up and appointment of the Liquidator by the Court, the Liquidator’s function is to maintain the status quo and preserve the assets of the Respondent Company which the assets are likely to be dissipated or money siphoned off. The assets i.e. land, machinery, stocks, book debts and etc (free from encumbrances or charges) would be made available for distribution to the unsecured creditors and/or contributories pursuant to Section 292 of Companies Act, 1965 when the assets including but not limited to the debts owing to the Respondent Company have been realised and/or collected by the Liquidator. 2014-08-28T11:27:22.5470000 http://forum.guan.com.my/chat/why-need-to-appoint-a-liquidator A petition of winding up is presented by creditor/contributory to the Court under Section 218 of the Companies, Act 1965 against the Company for winding up. 2014-08-28T11:24:41.0300000 http://forum.guan.com.my/chat/what-is-a-petition-of-winding-up Only Debenture holder and Court. 2014-08-28T08:44:22.9370000 http://forum.guan.com.my/chat/who-can-appoint-receiver-and-or-manager