Section 458. Annual meeting of members and creditors

(1) If the winding up continues for more than one year, the liquidator shall summon—

(a) in the case of a members’ voluntary winding up, a meeting of members of the company; and

(b) in the case of a creditors’ voluntary winding up, a meeting of members of the company and the meeting of creditors,

at the end of the first year from the commencement of the winding up and of each succeeding year or not more than three months after the succeeding year, and shall lay before the meeting an account of the acts of the liquidator and dealings and of the conduct of the winding up during the preceding year.

(2) The liquidator shall cause the notices of the meeting of creditors to be delivered by post to the creditors simultaneously with the delivery of the notices of the meeting of the company.

(3) Every liquidator who contravenes this section commits an offence and shall, on conviction, be liable to a fine not exceeding ten thousand ringgit and, in the case of a continuing offence, to a further fine not exceeding five hundred ringgit for each day during which the offence continues after conviction.