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Abandoned project heading for revival | Abandoned project heading for revival
THERE is light at the end of the tunnel for purchasers of the abandoned Taman Perindustrian Subang Mewah project. Following overwhelming support by more than 90% of purchasers present and voting at a court convened meeting on Dec 20, the stage is now clear for the revival of the project.
Liquidators of Korakyat Plantations Sdn Bhd (in liquidation) said that the company was awaiting the court's sanction for the proposed scheme of arrangement, which would under Section 176 of the Companies Act, 1965, give the scheme protection from its creditors.
''We expect the court sanction by the end of March, after which we will collect money from the purchasers,'' liquidator Ler Cheng Chye of Messrs Ler Lum & Co said last Thursday.
In the court convened meeting, 97% of purchasers present and voting voted in favour of reviving the mixed commercial and light industrial development project consisting of 478 factory lots. The project, located at USJ 1, Subang Jaya, has been abandoned since 1998.
Ler said once court sanction for the scheme was granted, it would be binding on all purchasers of the project that had been under development by Korakyat Plantations.
In a statement, the liquidators said that under the proposed scheme of arrangement, the purchasers would have to make a top-up payment equivalent to 20% of the purchase price, and the outstanding progressive billings.
The payments would be collected in a fund to be maintained in trust by the liquidators in an escrow account, and would only be used towards the settlement of the costs involved in completing the project in accordance to the proposed scheme of arrangement.
''The liquidators view that the proposed scheme of arrangement would be the most efficient and fair way of addressing the position of creditors of the company, in particular the purchasers of the abandoned project who, under normal circumstances, would be in a disadvantageous position in view of the various claims of security rights over the development land and the claims of other creditors,'' said the statement. There is an attempt to adopt a more proactive and constructive approach in the winding-up of companies with the intention of achieving a more advantageous distribution for creditors. In doing so, the liquidators have been working closely with the authorities,'' it added.
The scheme would also serve to resolve the wider social and commercial complications faced in any abandoned property development project, the liquidators noted, adding that they viewed the overwhelming support for the proposed scheme as a sign of confidence in the value of the project and the potential of USJ1 becoming a thriving district in the near future.
Source : The Star 28/2/2003
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