Section 449. Meeting of creditors

(1) The company shall cause a meeting of the creditors of the company to be summoned for the day, or the next day on which there is to be held the meeting at which the resolution for voluntary winding up is to be proposed.

(2) Where a meeting of the creditors is summoned under subsection (1), the company shall cause the notice of the meeting of creditors to be sent by post to the creditors simultaneously with the sending of the notices of the meeting of the company.

(3) The company shall convene the meeting at a time and place convenient to the majority in value of the creditors and shall—

(a) give notice by post of the meeting to the creditors at least seven clear days; and

(b) send to each creditor together with the notice of meeting, a statement showing the names of all creditors and the amounts of their claims.

(4) The company shall cause notice of the meeting of the creditors to be advertised at least seven days before the date of the meeting in one widely circulated newspaper in Malaysia in the national language and one widely circulated newspaper in Malaysia in the English language.

(5) The directors of the company shall—

(a) cause a full statement of the company’s affairs showing in respect of assets, the method and manner in which the valuation of the assets was arrived at, together with a list of the creditors and the estimated amount of their claims to be laid before the meeting of creditors; and

(b) appoint one of the directors to attend the meeting.

(6) The director so appointed under paragraph (5)(b) and the secretary shall attend the meeting and disclose to the meeting the company’s affairs and the circumstances leading up to the proposed winding up.

(7) The creditors may appoint one of the creditors or the director appointed under paragraph (5)(b) to preside the meeting.

(8) The chairperson shall, at the meeting, determine whether the meeting has been held at a time and place convenient to the majority in value of the creditors and his decision shall be final.

(9) If the chairperson decides that the meeting has not been held at a time and place convenient to that majority, the meeting shall lapse and a further meeting shall be summoned by the company as soon as is practicable.

(10) If the meeting of the company is adjourned and the resolution for winding up is passed at an adjourned meeting, any resolution passed at the meeting of the creditors shall have effect as if it had been passed immediately after the passing of the resolution for winding up.

(11) The company and every officer who contravene this section commit an offence and shall, on conviction, be liable to a fine not exceeding ten thousand ringgit.