PUTRAJAYA (May 8): The Court of Appeal has rejected Ministry of Finance (MOF)-controlled TH Heavy Engineering Bhd’s (THHE) bid to stop creditors from turning its voluntary winding up into a compulsory one, clearing the way for High Court proceedings on Friday.
The MOF owns 64.45% of THHE through Urusharta Jamaah Sdn Bhd (UJSB). The company was delisted in 2023.
A three-member Court of Appeal panel on Thursday upheld a High Court decision allowing creditors of THHE and THHE Fabricators to begin legal proceedings to place both companies into compulsory liquidation under court supervision.
Under Section 464(2)(d) of the Companies Act 2016, creditors can ask the court to order compulsory liquidation if the court is convinced that a…
