COUNSEL & SOLICITOR:
For the appellant – Chang Mun Fong; M/s. Lim Kian Leong & Co.
Court Of Appeal
COMPANY LAW: Winding-up – Deposit paid for lease of machinery – Company wound up – Deposit paid before commencement of winding-up proceedings -Whether deposit paid could be set-off – Whether set-off resulted in undue preference – Whether property in deposits passed to leasee – Whether on date of leasing – Whether property in deposits passed to leasee on date of winding-up or on date of set-off – Whether set-off valid – Whether deposits to revert to liquidator for distribution – Consideration of ss. 223, 233 & 293 of the Companies Act 1965 – Application of ss. 2, 41 & 53(1) of the Bankruptcy Act 1967