Malaysia legislation
Section 99
Section 99
(a)
the management entity shall, within one month after the commencement of the liquidation or dissolution or within such further time as the Registrar in special circumstances may allow, lodge or cause to be lodged with the Registrar notice of that fact and, when a liquidator is appointed, a notice of such appointment;
(b)
the Registrar shall, after receipt of the notice, immediately appoint a liquidator and, until the winding up of its affairs in Langkawi is completed, the foreign Langkawi company shall be deemed to continue to exist in Langkawi; and
(c)
the Court shall be deemed to have ordered that it be wound up.
(2)
The liquidator appointed by the Registrar shall get in all the assets of the foreign Langkawi company situate or recoverable in Langkawi and shall, in so doing, have all the powers of a liquidator of a Langkawi company.
(3)
Before paying or transferring to a foreign liquidator of a foreign Langkawi company in the place where it was formed or incorporated any of the assets got within Langkawi, the liquidator appointed by the Registrar shall—
(a)
pay to the Registrar all penalties, costs, fees and charges due and owing;
(b)
pay the amount of all taxes payable under the Income
Tax Act 1967 [Act 53]; and
(c)
pay to any person resident in Langkawi to whom, at the time of the appointment of the liquidator in Langkawi,
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Langkawi International Yachting Companies any debt incurred bona fide by a foreign Langkawi company in respect of the supply of services to or for the foreign Langkawi company is due, the amount of such debt, and such penalties, costs, fees, charges, taxes, and debts shall be a charge upon the assets of the foreign Langkawi company ranking after the costs of the liquidator appointed by the Registrar but in priority to all other charges and claims whatsoever.
(4)
The provisions of Part X of the Companies Act 1965 relating to the striking-off from the register of the names of defunct companies shall apply mutatis mutandis to a foreign Langkawi company.
Name of foreign Langkawi companies