Answer to Question #327266 in Law for Vilo

Question

Gula Sdn. Bhd was established in 2015. The company owns more than 5

restaurants in Malaysia. In 2016, Gula Sdn. Bhd took out a loan from CICB Bank

for RM 1,000,000.00 in order to expand their business. Unfortunately, after the

pandemic, the business's profit dropped drastically. They failed to pay monthly

installments. The company also unable to pay the employee's salary. CICB Bank

had sent a few notices to demand the arrears of payment.

As a lawyer, advise CICB Bank whether they can apply for winding up by court

and whether they have grounds to do so?

Issue,Law,Application,Conclusion

This subject is company law