Dec 13, 2006

InventQJaya appeals winding-up order

(The Star) KUALA LUMPUR: Technology firm InventQjaya Sdn Bhd (IQJ) has filed a notice of appeal against a winding-up order against it.

The firm’s solicitor S.N. Nair said a copy of the notice had been served on the Attorney-General’s Chambers after it was filed on Tuesday.

“We are appealing against the entire decision of the High Court," he said.

“We would also be applying for a stay of the judgment in a couple of weeks’ time. It would be heard in the Court of Appeal.”

Last Tuesday, High Court judge Justice Abdul Wahab Said Ahmad granted a petition to wind up the firm for owing the Government RM242mil.

IQJ was said to have failed to pay back RM242,153,424.65 which it had borrowed from the Government via an agreement dated June 18, 2003.

The firm was asked to return the sum after it had breached the terms of the agreement.

The court had also ordered that the Official Assignee be appointed as provisional liquidator to run the company.

The Insolvency Department can move in to take over the company and its assets as an immediate result of the order.

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1 comment:

Anonymous said...

What ever happen, the tax payers are the ones who get fxxked.