Our people were directly involved in corporate restructuring and have direct hands-on experience in all significant aspects of business operations, management, accounting, taxation and dealings with regulatory and statutory bodies.
Some notable assignments are as follows:

Hualon Incorporation Sdn Bhd was one of the largest fully integrated textile manufacturers in the world and the largest textile producer in Malaysia. The annual turnover of around RM3 billion with sales made to an international customer base. The production facility had 27 factories and plants in Nilai and Malacca which covered an area of 230 acres. Hualon had approximately 7250 management and employees and was the largest employer in Nilai, Negeri Sembilan. The secured creditors of the Company, who were made up a majority of banks in Malaysia, were owed about RM4 billion placed the company in receivership in 2006. The business operations were kept intact. An international tender successfully identified Reliance Industries Limited of India as the purchaser of the operating plants. The business together with its employees were seamlessly transferred to the purchaser.

Northern Resources Sdn Bhd Group is a flagship project in the Government of Malaysia’s vision for the Hi-Tech electronic industry. It is the first 220 MW “in- situ mini utility” with terms of the concession granted and responsible for the generation, transmission and distribution of power to the broad community of tenants at the Kulim Hi-Tech Park (“the Park”) in Kedah Darul Aman. The presence of NUR Group at the Park provides high technology companies with focused energy needs of high reliability, quality and security (“RQS”).

The secured creditors, who were owed RM1.6 billion, placed the company in receivership in 2004. The business operations was enhanced and all license and concession terms were met.

The generation units which were not in operations were successfully commissioned in view of the tremendous load growth in the Park from 60 MW in 2004 to 200 MW in 2012. The operating companies were rehabilitated and an international tender successfully identified a local company as the purchaser of the operating companies.

Pengurusan Danaharta Nasional Berhad was incorporated by the Malaysian Government to acquire Non Performing Loans from the banking system to strengthen the banking system to address the Asian Financial of 1977. The national asset management company was given powers under the Act to recover the non performing loans amongst others through the appointment of Special Administrators. As Special Administrators, the operations of the companies were continued until it was sold. Exercises were conducted which identified white knights to acquire the stock broking business of WK Securities Sdn Bhd, Alor Setar Securities Sdn Bhd and MGIC Securities Sdn Bhd, tin mining and plantations business of Rahman Hydraulic Tin Berhad, timber businesses of Kilang Papan Seribu Daya Berhad and MGR Corporation Berhad and supply of building materials business of NCK Corporation Berhad, whereas Perusahaan Sadur Timah Malaysia (PERSTIMA) Berhad was restructured. As these were public listed companies it involved fulfilling the requirements of the regulatory bodies namely Bursa Malaysia and Securities Commission Malaysia.

Mercantile Insurance Sdn Bhd was wound up in 1994 by The Director General of Insurance (under Bank Negara Malaysia). This general insurance company was the largest motor insurance company then with thirteen (13) branches throughout Malaysia.

The business operations were continued with the involvement of its 350 employees. The winding up also involved the Insurance Guarantee Scheme Fund (IGSF), funded by the local insurers and governed by Bank Negara Malaysia, whereby all valid claims meeting a specific criterion and subsequently admitted by the Liquidators will receive an upfront cash payment of 70 sen to the ringgit from the fund. These claims, made up of more than 50,000 (with face values of more than RM1.2 billion), were assessed, evaluated and paid in a relatively short time. More than 5,000 legal actions in the Courts against the company were defended successfully.

Tabung Pemulihan Terbengkalai “TPPT, the abandoned housing projects scheme, was established in 1990 with the specific overall objectives of reviving abandoned housing projects and to provide house buyers good titles to these houses. Initially, the Government allocated RM300 million to a revolving fund managed by TPPT Sdn Bhd, which was subsequently increased to RM500 million. Fifteen (15) housing projects were managed in all aspects including completing viability studies and making presentations made to the TPPT panel chaired by Bank Negara Malaysia with our recommendations. The housing projects were completed with the support of Bank Negara Malaysia with soft loans of RM62 million.

Visia Finance Berhad an insolvent finance company, had been placed under the control of Bank Negara Malaysia in 1987 in a move to protect the interest of depositors. Bank Negara made an application to the High Court for appointment of receivers and managers to manage the business affairs and property of Visia Finance. The application was authorized by the Finance Minister by an Order published in the Gazette on 19 August 1993, pursuant to Section 73(2) of the Banking and Financial Institution Act 1989. The business operation and properties were transferred to Hong Leong Finance Berhad when they took over the business and assets.

Koperasi Wartawan Berhad and Koperasi ENE BerhadIn February 1986, Jabatan Pembangunan Koperasi (JPK) conducted inquiries into a number of deposit-taking cooperatives (DTC) including the 24 DTC under the powers vested in it by Section 37(1) of the Cooperative Societies Act 1948. The significant withdrawals reflecting the diminishing confidence of members and depositors in the cooperatives resulted in the introduction of the Essential (Protection of Depositors) Regulations 1986, under the Emergency (Essential Power) Act 1979. Bank Negara Malaysia was given the necessary authority to act upon certain deviating deposit-taking cooperatives. The High Court of Malaya appointed Receivers to deal with the business affairs of two (2) cooperatives which had about 5,000 and 10,000 depositors respectively. Besides managing the cooperatives and successfully making the pay-outs to depositors, the remaining business was transferred to two financial institutions.