What are the fees involved?

Question

Answer

The professional fees chargeable for court liquidation is guided under Table C of Companies (Winding-up) Rules 1972:

A.     Where the Official receiver acts as interim Liquidator only:

i.                    RM1.00 for each member, creditor or debtor

ii.                  On the value of the company’s assets as estimated in the statement of affairs

a.      1% on the first RM100,000 or fraction thereof;

b.      ½% above RM100,000.

B.     Where the Official Receiver is liquidator:

i.                    RM1.00 for each member, creditor or debtor

ii.                  Upon the total net assets realized:

a.      6% on the first RM50,000 or fraction thereof;

b.      5% on the first RM50,000 or fraction thereof;

c.       4% above RM100,000.

 

C.     Upon the amount available for distribution to Creditors or contributories and each time a distribution is made:

i.                    4% on the first RM50,000;

ii.                  3% on the next RM50,000;

iii.                2% above RM100,000.

 

The professional fees structure for court liquidation, creditors’ voluntary winding-up, members’ voluntary winding-up and receivership can be based on the estimates of the time expected to incurred and resources to facilitate the execution of the role appointed and complexity of the engagement.  The fees structure will be revised on a regular basis to commensurate with the level of work involved. 

 

In additional to this, there will be ancillary expenses like legal fees, insurance premium, security personnel, utilities and rates, taxes like corporate tax and goods and services tax, consultants professional fees for example tax, audit and property surveyor, and any other expenses incurred that will facilitate the appointed officer to carry out the duties and responsibilities.

(Malaysia)

 

Alex Chiang

Alex Chiang

Director – Malaysia & Singapore Offices

+60 12 377 5381
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