COUNSEL & SOLICITOR:
Chang Mun Fong (Low Chi Cheng with her) (Lim Kian Leong & Co) for the appellant
Court Of Appeal
Bankruptcy – Property available for distribution – Deposits made under lease agreement – Deposits paid before commencement of winding-up proceedings – Whether deposits made to secure performance of lease could be set off against monies due after commencement of winding-up – Whether set-off resulted in undue preference – Whether property in deposits passed to appellant on date of lease or date of winding up or date of set-off – Whether s 41 of Bankruptcy Act 1967 validated set-off – Companies Act 1965 s 223, 233 & 293 – Bankruptcy Act 1967 ss 2, 41 & 53(1)
Companies and Corporations – Winding up – Creditor’s claim – Deposits paid before commencement of winding-up proceedings – Whether deposits made to secure performance of lease could be set off against monies due after commencement of winding-up – Whether set-off resulted in undue preference – Whether property in deposits passed to appellant on date of lease or date of winding up or date of set-off – Whether s 41 of Bankruptcy Act 1967 validated set-off – Companies Act 1965 s 223, 233 & 293 – Bankruptcy Act 1967 ss 2, 41 & 53(1)