Past Assignments

The Royal Mint of Malaysia Sdn. Bhd. (“RMM”)

RMN was principally involved in the minting of coins in circulations as legal tender and commemorative coins . Appointed as Receivers and Managers , we were tasked to recover and realise RMM’s assets, including the responsibility of maintaining operations for a period of one year in order to complete outstanding contracts for Bank Negara Malaysia( “BNM”). In closely collaborating with the relevant authorities, BNM absorbed all the existing staff to continue employment with the mint which was subsequently acquired by BNM.

FDN Sdn. Bhd. (“FDN”)

We were appointed as Receivers and Managers of MS Garden Hotel in Kuantan, Pahang. Following our appointment, we successfully continued the management and operations of the hotel for 6 years achieving room occupancy rates of 80% annually. Profits were improved by streamlining cost centres within the company, thus maximising revenue for FDN. We managed to double profits during the receivership period prior to its successful sale at RM 51 million, which together with operating revenue saw a recovery of al-most 95% for Danaharta.

Swee Joo Bhd and its Group of Companies

Swee Joo Berhad and its group of companies (The Group) which is based in Sarawak, went into Creditors Voluntary Liquidation in August 2011, wherein Dato Jeyaraj was appointed as the Liquidator. During the liquidation process, the engagement team was required to manage ongoing operations including ship management, container leases, and cash-flow management .

Within 6 months , the Groups operation was successfully wound down including a termination exercise involving approximately 250 employees. We were also required to realise the Group’s assets consisting of a total of 24 vessels and equipment related to haulage and storage activities in the shipping industry. Despite poor market conditions, the Liquidators were able to realise all of the companies assets includ-ing the 24 vessels for distributions to the Group’s creditors.

Alamanda Development Sdn. Bhd. (“Alamanda”)

As appointed Liquidators for Alamanda, we were faced with a collective group exceeding 700 members, made up of purchasers of the Company’s mixed development project in Padang Meha, Kedah and bridging financiers of the said project. We successfully obtained the approval of the scheme creditors as well as the Court sanction for a Scheme of Arrangement under Section 176 of the Companies Act 1965. The approved scheme encompasses the waiver of all outstanding debts due from the purchasers and the amounts due to the financiers by Alamanda as well as the administration of the sub division exercise. The Scheme is currently ongoing.