Grand Dynamic Builders has been to understand that KSK Group has been granted by virtue of a court order for a leave to summon a meeting with its creditors for the purpose of considering a scheme of arrangement and compromise and a restraining order against creditors.
The restraining order will prevent any actions or proceedings against KSK Group, any enforcement of any judgment and/or order against it, any distress that may be levied on its assets and properties, any execution of rights or remedies or powers of appointment of any receiver, receiver and manager, or judicial manager or repossession of any fixed or floating assets, plant, equipment or machinery under any charge, lease, hire purchase and or an adjudication or arbitration proceedings; are forthwith restrained or stayed for a period of 3 months from the date of the Court Order except with the leave of the Court.
Stafford Financial Capital Limited has represented that it is a creditor of Damai City Sdn Bhd. In view of the Court Order, GDBSB said it will seek advice from its solicitors concerning the court, arbitration and adjudication proceedings in relation to KSK Land and DCSB respectively.
