Inspace Creation Berhad announced that its indirect subsidiary, IDPM Associates Sdn. Bhd., has filed a winding-up petition against Incite Innovations Sdn. Bhd. over an outstanding payment amounting to RM575,057.
The firm said IDPM Associates, a wholly-owned subsidiary of IDPM Sdn. Bhd., which is in turn an indirect wholly-owned subsidiary of Inspace Creation, filed the petition through its solicitors Messrs. Loi & Co. on 15 June 2026.
The petition follows Incite Innovations’ failure to settle the outstanding sum granted by the Kuala Lumpur High Court on 24 February 2026.
IDPM Associates is seeking an order for Incite Innovations to be wound up pursuant to Section 416(1)(h) of the Companies Act 2016.
Other reliefs sought include the appointment of the Director General of Insolvency as liquidator of Incite Innovations, payment of costs related to the winding-up proceedings by the liquidator from the company’s assets, as well as any further orders deemed appropriate by the court.
The hearing for the winding-up petition has been fixed for 18 August 2026.
Inspace Creation noted that the matter was previously disclosed in its prospectus dated 13 April 2026 in relation to its initial public offering (IPO), under the litigation section involving IDPM Associates and Incite Innovations.
The company also highlighted that TA Securities Holdings Berhad, as the sponsor responsible for Inspace Creation’s admission to the ACE Market of Bursa Malaysia Securities Berhad on 8 May 2026, assumes no responsibility for the contents of the announcement.
