MATERIAL LITIGATION IRE-TEX CORPORATION BERHAD ("IRETEX" or "the Company") Notice pursuant To Section 465(1)(e) of the Companies Act, 2016

IRE-TEX CORPORATION BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
IRE-TEX CORPORATION BERHAD ("IRETEX" or "the Company")    Notice pursuant To Section 465(1)(e) of the Companies Act, 2016

IRE-TEX CORPORATION BERHAD ("IRETEX" or "the Company")

Notice pursuant To Section 465(1)(e) of the Companies Act, 2016

 

 

The Board of Directors of IRETEX (“Board”) wishes to announce that Zoomic Automation (M) Sdn Bhd , a wholly-owned subsidiary of IRETEX (“ZAMSB” or the “Respondent”) had on 1 April 2019 received a letter dated 29 March 2019 from Hasstec Engineering (“Hasstec” or the “Petitioner”) through a firm of lawyers acting on their behalf served a Notice Pursuant to Section 465(1)(e) of the Companies Act, 2016 (“Notice”) in respect of circumstances in which a company may be wound up by Court in relation to the claims by Voon Wei Lun (NRIC No. 879419-07-5187), trading under the name of Hasstec Engineering (Business Registration No. PC0008772-P). 

 

The Respondent is required to comply with the Notice within 21 days from 29 March 2019, failing which the Respondent shall be deemed to be unable to pay its debts as and when they fall due within the meaning of Section 466(1)(a) of the Companies Act, 2016 and the winding up proceeding shall be instituted against the Respondent.

 

Particulars of claims

 

The Petitioner is demanding the sum of RM82,000.00 for debts due and owing by the Respondent. The Respondent (via its previous management team) has severally negotiated on the terms of settlement by with the Petitioner but was unable to determine the settlement terms of the lawsuits. As a result of the Respondent’s failure to comply with the Georgetown Magistrate Court’s judgement dated 18 August 2017, the Petitioner has instituted winding-up proceedings against the Respondent.

 

Voon Wei Lun, trading under the name of Hasstec, seeks against ZAMSB pursuant to the judgement order of the Georgetown High Court dated 27 September 2018, for the following:-

 

(a)        The judgement sum of RM82,000.00 to be paid to the Petitioner as full and final settlement;

(b)        The Respondent is to pay to the Petitioner the sum of RM4,100.00 as judgement benefits of 5% per annum until August 2018;

(c)        The Respondent is to pay cost of RM5,000.00 to the Petitioner; and

(d)        The sum is to be settled in four instalment cheques for the sums of RM22,775.00 per month dated 31 August 2018, 30 September 2018, 31 October 2018 and 30 November 2018.

 

Financial and operational impact

ZAMSB, is not a major subsidiary of IRETEX. The total cost of investment by IRETEX in ZAMSB is RM7.3 million which has been fully impaired as at 31 December 2017.

 

Expected losses to the Group, if any

IRETEX and its subsidiaries (“Group”) is exposed to the claims, interests and expenses as stated above.

 

Steps taken and proposed to be taken by the Company

ZAMSB has appointed lawyers to act on its behalf.

ZAMSB would be contacting the Plaintiff to discuss and negotiate on the above matter.

 

This announcement is dated 10 April 2019.






Announcement Info

Company Name IRE-TEX CORPORATION BERHAD
Stock Name IRETEX
Date Announced 10 Apr 2019
Category General Announcement for PLC
Reference Number GA1-10042019-00115