Malaysia’s liquidation law needs to be revised to ensure fairness to purchasers. – ADIB RAWI YAHYA/THESUNpixis a trite practice that after a company is wound up by the court, the affairs of the company are given to the liquidator, who plays a key role in the process.
The list of debts for settlement by the liquidator, using the funds from the accumulated money, is as follows: of CA 1965 and Section 527 of CA 2016 ):All wages or salaries under any contract of employment or award agreement.All remuneration payable to any employee in respect of vacation leave, etc.
Examples of abandoned housing projects involving this type of aggrieved purchasers include Taman Desa Surada in Kajang, Selangor, Kondominium Esplanade in Klebang, Malacca, Taman Lingkaran Nur, Kajang Selangor and Taman Perdana Muar in Mukim Serong, Muar, Johor. In this case, the purchasers who have paid either the full or partial purchase price for houses are entitled to an equitable lien over the houses that they have paid and purchased from the vendor developer.