GDB Holdings Bhd said its wholly owned subsidiary, Grand Dynamic Builders Sdn Bhd (GDBSB), is taking steps to safeguard its interests as a creditor following a High Court order to wind up Damai City Sdn Bhd (In Receivership).
The developer said it was informed by its solicitors that the Shah Alam High Court had ordered the winding up of Damai City Sdn Bhd (DCSB) pursuant to a petition filed by TSL Victory Sdn Bhd under the Companies Act 2016.
The court also appointed Lim Tian Huat and Chiang Teng Guan, both of Rodgers Reidy & Co, as joint liquidators of DCSB.
According to the company, TSL Victory had sought a court order to wind up DCSB and initially proposed the appointment of Mr Tee Guan Pian as liquidator.
As a creditor of DCSB, GDBSB participated in the winding-up proceedings by filing a Notice of Intention to Appear on the petition and objecting to the petitioner’s proposed choice of liquidator.
GDB said its solicitors are currently advising the company on the next course of action in relation to Suit No. WA-22C-72-10/2024.
The company did not disclose the value of GDBSB’s claims against DCSB or the potential financial impact arising from the liquidation.
