Company announcements: GPLUS

GPLUS - WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR

Announcement Type: General Announcement

Company Name	GOLDEN PLUS HOLDINGS BERHAD
Stock Name	GPLUS
Date Announced	20 Jan 2014
Category	General Announcement
Reference No	GP-140120-53115

Type	Announcement
Subject	WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR
Description	GOLDEN PLUS HOLDINGS BERHAD ("GPlus and/or Company") - WINDING UP PETITION
INTRODUCTION GPlus wishes to announce that it had on 20 January 2014 received a copy of the presentation of winding-up petition dated 31 July 2013 (“ Petition”) against GPlus by the petitioner, Messrs Krish Maniam & Co after extraction of the same from the High Court as the Company was not aware of such a petition was served on the Company. The Petition was fixed for hearing on 18 December 2013, which the Company was not aware of, and as a result of that a Court Order in default of appearance was issued against the Company as follows:- That the Company be wound up by the Court under the provision of the Companies Act, 1965. That the Official Receiver be appointed as the liquidator of the Company. That the costs of the Petition be paid out of the assets of the Company. The Petitioner had also on 27 December 2013 filed an application for the appointment of a private Liquidator in place of the Official Receiver (“Application”) and the Application is fixed for hearing on 3 February 2014. 1. THE PARTICULARS OF THE CLAIM UNDER THE WINDING UP PETITION, INCLUDING THE AMOUNT CLAIMED FOR AND THE INTEREST RATE The Petitioner's Claim pursuant to the Petition is for the sum of RM3,000,000 (“the Sum”) without interest rate element as its accrued retainer fees for legal services and advisory. 2. CIRCUMSTANCES LEADING TO THE PETITION Failure by GPlus in settling the Sum despite several reminders and the statutory notice served on the Company by Messrs Krish Maniam & Co for the payment. 3. FINANCIAL AND OPERATIONAL IMPACT The application for the Petition, if successful, would have a material adverse impact on the financial and operational status of the Company and the Group. 4. THE EXPECTED LOSSES, IF ANY, ARISING FROM THE WINDING-UP PETITION The expected losses are restricted to the amount claimed. 5. STEPS TAKEN BY THE BOARD OF DIRECTORS The Company is seeking for legal advice to defend against the Petition and the Court Order. This announcement is dated 20 January 2014

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