Liquidation |
Receivership |
Monitoring Accountant |
Restructuring and Corporate Rescue Mechanism |
LIQUIDATIONVoluntary Liquidation:
Compulsory/Court Liquidation:
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RECEIVERSHIP
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MONITORING ACCOUNTANTAppointed as an independent/monitoring accountant to monitor the utilization of funds provided and the cash flow management of the borrowers.
Major scope of work:
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RESTRUCTURINGFor companies who wishes to undertake a restructuring plan with the objective of saving the company, making it viable again and/or to strengthen growth.
Major scope of work:
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RAYMOND CHONGRaymond is an approved liquidator by the Ministry of Finance and the Labuan Financial Services Authority and a member of CPA Australia, Malaysian Institute of Accountants and Insolvency Practitioners Association of Malaysia. He has more than 20 years of professional experience in restructuring and insolvency, GST, financial audit and financial due diligence in one of the Big 4 Accounting Firms and BDO Malaysia. He had a brief stint in financial audit for one of the Big 4 Accounting Firms in Singapore.
Prior to joining Silver Ocean, Raymond was a director in BDO where he was involved in numerous insolvency engagements such as receivership, liquidations, special administration, monitoring accountants as well as financial due diligence. Such engagements involved the management of companies and assets prior to sale (especially receivership), takeover and managing of on-going business operations, devising sale strategies and advising, negotiating, coordinating and executing sales of various types of assets including properties, plant and equipment. He also worked with the stakeholders of the companies which are under receivership and liquidation on value recovery strategies. His experience in rescue mechanism includes scheme of arrangement for companies in aviation and oil and gas industries. He was the director in charge for both companies where required him, among others, to conduct a high level review of the financial performance of the companies, with a focus on the cash flow projections and assumptions, contingent/potential liabilities, the Estimated Realisable Values (“ERV”) of the assets and liabilities of key companies and the reasonableness of management’s assumptions for the ERV. Worked closely with other advisers, assisted the companies in discussions with the potential new investor on terms of investment and/or capital injection from the existing shareholders, preparation of the initial scheme outline and negotiations/discussions with the secured financial institution and other scheme creditors. The above were carried out in order to manage the expectations of the secured financial institutions, lessors and other scheme creditors in light of the companies’ condition. Notwithstanding above, during Raymond’s tenure in the assurance, governance advisory and other advisory services, he was involved in various industries such as building and construction, property and development, manufacturing, plywood, aviation, oil and gas, real estate, manufacturing, food and beverages, trading and hospitality services. At the moment, he is acting as an adviser in a group of companies which involve in car wheel services. |
BERNARD TANBernard is an approved liquidator by the Ministry of Finance. Bernard is also a member of Malaysian Institute of Accountants, Malaysian Institute of Certified Public Accountant, Chartered Institute of Management Accountants and Insolvency Practitioners Association of Malaysia. He has more than 25 years of professional experience in restructuring and insolvency in one of the Big 4 Accounting Firms and BDO Malaysia.
Before joining Silver Ocean PLT, Bernard was a director in BDO Malaysia where he was primarily involved in restructuring assignments include such as receivership, liquidations, special administration, business financial review and monitoring accountants. Such engagements involved the management of companies and assets prior to sale (especially receivership), takeover and managing of on-going business operations, devising sale strategies and advising, negotiating, coordinating and executing sales of various types of assets including properties, plant and equipment. He also worked with the stakeholders of the companies which are under receivership and liquidation on value recovery strategies. His notable engagements include holding stewardship in the receivership assignments for industries such as manufacturing of car components and plywood, hotel management where under his leadership, the following objectives are achieved:
He was involved in the landmark case of Chye Hup Heng Sdn Bhd (in liquidation) (“CHH”) v IRB where CHH filed an application for judicial review to challenge, the entitlement of the IRB for immediate payment of the Real Property Gains Tax (“RPGT”). CHH stressed that based on the relevant provisions in the Companies Act 1965, and on settled principles/case laws, the RPGT due to the IRB should be paid after payment of secured debt owing to the secured creditor. Resultant thereto, CHH contended that the proceeds from the sale of the property should be first applied towards payment of the secured debt before payment of the RPGT where IRB asserted that the payment should be paid firstly under the RPGT Act of which the High Court ruled in favor of CHH. During his tenure in the advisory services, he has involved in various industries such as building and construction, property and development, manufacturing, plywood, real estate, hotels, automotive, food and beverages, trading and hospitality services. He was also a training instructor in his previous firm for the following:
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phone+603 2856 7333
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address22-09, Menara 1MK
No 1, Jalan Kiara, Mont Kiara 50480 Kuala Lumpur Malaysia |