31 December 2020 - As reported in The Edge Malaysia, Top Builders Capital Bhd and two of its subsidiaries have secured a restraining order as part of its scheme of arrangement.
The orders under the Companies Act 2016 were obtained as part of Top Builders' overall restructuring and rehabilitation plan by way of a proposed scheme of arrangement with its creditors, the group said. The first order is to summon meetings of the creditors to approve the scheme of arrangement and compromise between the company and creditors. The second order is a restraining order, whereby all proceedings in any action or proceedings against the group and its assets be restrained and stayed except with leave of court, for a period of three months.
Our partner, Lee Shih, and associate, Pang Huey Lynn, are acting for Top Builders in these scheme of arrangement proceedings.