KUALA LUMPUR, April 26 ― Sapura Projects Services Sdn Bhd has been slapped with a liquidation notice by its holding company Sapura Energy Bhd and 14 sister companies for debts totalling RM308 million, ahead of the hearing of a winding-up petition filed against it by a non-related creditor.
The 15 companies filed a summons in chambers on April 21, requesting the High Court to appoint a liquidator of their choice to manage Sapura Projects in the event it loses the winding-up petition filed by DTEC Engineering Sdn Bhd, Free Malaysia Today (FMT) reported.
Lawyer Mohamad Sofian Shamsudin who is acting for DTEC Engineering confirmed the filing to FMT and said his client would oppose the application by the 15 Sapura-linked companies.
According to the news report, the court was to have heard yesterday a winding-up petition by DTEC Engineering that is owed RM13 million by Sapura Projects.
A winding-up petition is a legal demand notice by which an unpaid creditor can petition the courts to force an insolvent company that is unable to pay its debts to their creditors on time into compulsory liquidation.
The news portal said it understood that the move was made by the 15 companies to prevent Sapura Projects from being wound up as many of its contracts are still ongoing, as well as to avoid having the Insolvency Department become the receiver.
FMT reported that the 15 firms are seeking a court’s order to appoint one Lim San Peen as the private liquidator to manage the affairs of Sapura Projects if it is wound-up.
A LinkedIn search showed that Lim is currently employed as an insolvency and crisis management specialist operating as a partner in the Business Recovery practice within PricewaterhouseCoopers Malaysia.
According to FMT, the 15 firms want the court to order Lim to call for a creditors’ meeting to vote on the appointment of its suggested private liquidator within 21 days if DTEC Engineering succeeds in its winding-up petition.
The firms reportedly said that Lim’s appointment would be in the best interest of all the creditors based on his experience in corporate insolvency.
DTEC Engineering reportedly said Sapura Projects owed it RM19 million in its winding-up petition filed at the High Court in Shah Alam on January 28.
According to the FMT report, both DTEC Engineering and Sapura Projects agreed to a RM15 million full settlement in December 2020, with an instalment of RM1 million to be paid monthly following negotiations.
The news portal added that Sapura Projects only made two payments and still owes DTEC Engineering RM13 million to date.
