Malaysia legislation
Section 127
Section 127
Liquidation or dissolution of company in place of incorporation, establishment or origin
(a)
a notice of such liquidation or dissolution; and
(b)
where a liquidator is appointed to such foreign Labuan company in its place of incorporation, establishment or origin (“foreign liquidator”), a notice of such appointment.
(2)
Upon receipt of the notice in paragraph (1)(a), the Authority shall forthwith appoint an approved liquidator, and until such time that an approved liquidator is appointed to the foreign Labuan company, the foreign liquidator shall have the powers and functions of an approved liquidator.
(3)
If the foreign Labuan company fails to lodge the notice under paragraph (1)(a), the Authority may, at any time after the expiry of one month after the commencement of the liquidation or the dissolution of the foreign Labuan company, appoint an approved liquidator to the foreign Labuan company.
(4)
Upon the appointment of an approved liquidator under subsection (2) or (3), the Court shall be deemed to have ordered that the foreign Labuan company be wound up.
(5)
The approved liquidator shall get in all the assets of the foreign
Labuan company situate or recoverable in Labuan and shall, in so doing, have all the powers of an approved liquidator of a Labuan company.
(6)
Before paying or transferring to the foreign liquidator any of the assets got in within Labuan, the approved liquidator shall—
(a)
pay to the Authority all penalties, costs, fees and charges due and owing;
Labuan Companies 149
(b)
pay the amount of all taxes payable under the Labuan
Business Activity Tax Act 1990 [Act 445]; and
(c)
pay to any resident to whom, at the time of the appointment of the approved liquidator in Labuan, any debt incurred bona fide by a foreign Labuan company in respect of supply of services to or for the foreign Labuan 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 Labuan company ranking after the costs of the approved liquidator appointed by the Authority but in priority to all other charges and claims whatsoever.
(7)
Until the winding up of its affairs in Labuan is completed, the foreign Labuan company shall be deemed to continue to exist in
Labuan.
(8)
The provisions of Part X of this Act relating to the striking-off from the register of the names of defunct companies shall apply mutatis mutandis to a foreign Labuan company.
Names of foreign Labuan companies