How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Jared Pereira Your Own Question
Jared Pereira
Jared Pereira, Lawyer
Category: Australia Law
Satisfied Customers: 15
Experience:  Principal Solicitor at Pivot Business Lawyers
Type Your Australia Law Question Here...
Jared Pereira is online now
A new question is answered every 9 seconds

There is a company name W.P Sdn Bhd in Malaysia. The company

Customer Question

There is a company name W.P Sdn Bhd in Malaysia.
The company is being file winding up by court.But some debt has not resolve as shown on the record file by the CCM.
I have resolve my bankruptcy which I have sign a bank guarantee with a bank recently.
Now in the record still showing I am the shareholder.
Should I be still liable for anymore debt from the company after which has being wind up by the court.
Submitted: 1 year ago.
Category: Australia Law
Customer: replied 1 year ago.
Secondly, the company is currently being Bill owing quit rent for RM 3,000.00 ofr the outstanding bill plus penalty.
Am I would be liable for the bill even if the company being already Wind Up. However the land office question me am I
is the owner and I reply no. Then they ask is it the old company.
Expert:  Jared Pereira replied 1 year ago.

Hi, the debts of a company are not the debts of the shareholder. The shareholder is only liable for the amount for which he has paid up shares. However, if you are also a former director of the company, and have given a personal guarantee, then you may be liable for debts of the company. I would need more information to advise you. If the company has already been wound up, the company is "dead" and therefore any monies owed would no longer be payable (assuming that the company has no other assets to service the debt). However, as I said above, if you have executed a personal guarantee, the creditor may look to you for repayment. Hope this has been of help. Regards, Jared

Customer: replied 1 year ago.
Thank you.
Please understand I have paid off one of my banking guarantee before the company was wind up.
Please also clarify with me what does it mean by no other assets to service debt.
The company still owing 2 bank's money. Does it mean I still bearing for the loan as shareholder.
Secondly the company still owing land office some quit rent assessment for one piece of the land which charge to the
bank by the company. Please advise should now is the liquidator be responsible of the quite rent no the shareholder
or the owner. But also why the land office still question me, whether me am I the owner of the company and I would be liable
if no choice.
Customer: replied 1 year ago.
I believe the land office should inform the liquidator for the assessment no me. Since the land is still under the name of the company but charge to MBB bank not yet being taken over by the liquidator.IS it so.
Expert:  Jared Pereira replied 1 year ago.

Hi if the guarantee has been paid or been discharged then no other debts are owed by you. Even if you were the director, the various creditors and government agencies should be contacting the liquidator and not you. It is for the liquidator to gather in any assets of the company. As I said, the shareholders are only liable for their own shares - so if you have 100 shares of Rm$1 each, that's all you are liable for. Regards, Jared

Customer: replied 1 year ago.
for the land assessment , the liquidator should liable for the assessment now not the shareholder by right. Please advise.
Expert:  Jared Pereira replied 1 year ago.

Hi the shareholder is not liable for the debts of the company. Since there has been a liquidator appointed, any letters, correspondence, demands etc should be addressed to, and handled by the liquidator. I hope this answers your question. Please remember to rate my answer if you are satisfied. Regards, Jared.