Country Heights gets winding-up petition over RM312,560 tax arrears

• The petition was filed under Section 465(1)(e) and Section 466(1)(a) of the Companies Act 2016. These provisions allow a company to be wound up by the court if it is unable to pay its debts, specifically when it fails to settle a debt exceeding the prescribed minimum amount within 21 days of receiving a statutory notice of demand from a creditor.

KUALA LUMPUR (July 24): Country Heights Holdings Bhd (KL:CHHB) said the group has been served with a winding-up petition by the Inland Revenue Board over RM312,560 in unpaid taxes.

The petition, filed against its wholly-owned unit, Country Heights Commercial Development Sdn Bhd (CHCDSB), was received on Thursday (July 24), the group said in a bourse filing.

The petition was filed under Section 465(1)(e) and Section 466(1)(a) of the Companies Act 2016. These provisions allow a company to be wound up by the court if it is unable to pay its debts, specifically when it fails to settle a debt exceeding the prescribed minimum amount within 21 days of receiving a statutory notice of demand from a creditor.

CHCDSB was deemed unable to pay its debts after failing to comply with a statutory notice of demand issued on March 25, said Country Heights.

According to the group, CHCDSB, incorporated in 1995, is not a major subsidiary and is engaged in non-residential property operations and investment holding.

The unit posted a net profit of RM922,098 for the financial year ended Dec 31, 2023, with current liabilities of RM34.22 million and paid-up capital of RM100,000.

Country Heights said the petition is not expected to have any immediate material financial or operational impact on the group, as the unit is not a principal revenue contributor.

However, the group said it will evaluate if any provisions or impairments are needed, depending on the outcome of the petition.

The High Court has fixed Sept 29 for the hearing, the group added.

Country Heights shares finished unchanged at 22.5 sen on Thursday, valuing the group at RM73.3 million.

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