On 7 July 2023, the High Court granted authority to the Liquidator to carry on the business of the Companies so far as is necessary for the beneficial winding up of the Companies for a period of 365 days from 9 July 2023 to 8 July 2024.
The Liquidator is implementing necessary controls and stabilisation measures, which includes but not limited to relevant right-sizing initiatives in order to preserve the value of the assets of the Companies for the benefit of all stakeholders. At the same time, the Liquidator is in the midst of identifying and disposing off the non-core assets of the Companies in order to generate funds to meet certain obligations.
On 12 June 2023, Serba Dinamik Holdings Berhad (“SDHB”) announced that a contributory to SDHB has engaged Baker Tilly Insolvency PLT as a restructuring consultant, as well as Messrs. Dennis Nik & Wong as the Restructuring Lawyers as part of SDHB and its subsidiaries’ restructuring and regularisation efforts.
SDHB is in the midst of appointing the principal advisor for SDHB’s regularisation plan. The contributory will table a restructuring plan for SDHB and its subsidiaries upon completion.
SDHB submitted an application to Bursa Malaysia Securities Berhad to request for an extension of time for a further 6 months, up to 5 January 2024, to submit the SDHB’s regularisation plan, in line with Paragraph 8.04 of the Listing Requirements (“Extension of Time Application”). SDHB is in the midst of appointing the principal advisor for its regularisation plan.
The Liquidator has called for the creditors’ meetings for Serba Dinamik Holdings Berhad, Serba Dinamik Group Berhad, Serba Dinamik Sdn Bhd and Serba Dinamik International Ltd (collectively, the “Companies”).
For the purposes of the creditors’ meeting, the Liquidator will require the creditors to submit their Proof of Debt forms. The results of the POD are to be used for voting purposes during the creditors’ meetings.
If you are a creditor of the Companies, please navigate to the “Creditors related information” section for more information and leave your details in the form attached in the section and we will get in touch with you soon.
The POD you have submitted to Serba Dinamik Sdn Bhd, Serba Dinamik Group Berhad, SD Controls Sdn Bhd and Serba Dinamik Development Sdn Bhd (collectively, “the Scheme Companies”) previously was for the purpose of the Scheme of Arrangement between the Scheme Companies and creditors of the Scheme Companies (collectively, “Scheme Creditors”).
The Scheme Companies’ admission of your previous POD was solely for the purpose of the said Scheme of Arrangement. You will still be required to submit your proof of debt for the Companies in Liquidation for the purposes of voting at the creditors’ meeting.
Please navigate to the “Creditors related information” section for more information and leave your details in the form attached in the section and we will get in touch with you soon.
On 9 November 2022, Serba Dinamik Holdings Berhad (“SDHB”) did not provide to the High Court with any updates on the receipt of the scheme proceeds for payment to the Scheme Creditors. On the same date, the High Court struck out SDHB’s application for sanction of the Scheme of Arrangement and also struck out the amendment applications of the Scheme Companies to amend the sanction orders for the Scheme of Arrangement.
If you have submitted a POD Form to the Liquidator recently, kindly notify the Liquidator’s office on your previous submission via email to my_serbadinamik_creditor@pwc.com. and representatives from Liquidator’s office will assist you on the matter.
If you have only submitted invoices /statements of account, you will be required to submit your POD for the Companies in Liquidation. If you are a creditor of the Companies, please navigate to the “Creditors related information” section for more information and leave your details in the form attached in the section and we will get in touch with you soon.
As clarified, the result of the Proof of Debt exercise (prior to the creditors’ meetings) will be used solely for the purposes of voting on resolutions to be presented during the creditors’ meetings (e.g. formation of a Committee of Inspection (“COI”). The outcome of the Proof of Debt exercise for the creditors’ meeting does not constitute admission or rejection of debt by the Companies/Liquidator. The Liquidator may call for future Proof of Debt exercises for distribution purposes.
The COI’s role is to act with the Liquidator in the performance of his duties, to approve the exercise of certain powers of the Liquidator and to approve the Liquidator’s remuneration.
The COI may consist of creditors and contributories of the Companies. Members of COI are typically nominated and voted in by the creditors and contributories during the creditors’ meetings and contributories meetings, where applicable.
The Liquidator may propose and recommend for the composition of the COI to be voted on depending on the number of creditors and contributories that attend the respective meetings, where applicable. The Liquidator may recommend for there to not be more than 5 members to be appointed by the creditors and not more than 5 members to be appointed by the contributories, where applicable.
The appointed COI members must be a creditor or shareholder of the company who received the highest majority votes in terms of value and number at the respective meeting of the creditors or contributories.
Distribution/payment to the creditors is subject to availability of funds of the respective company in liquidation upon completion of the realisation of the Company’s assets. Subject to availability of funds, the Liquidator may notify the creditors for another Proof of Debt exercise in the future for the purposes of distribution/payment. Any distributions/payments will be made in accordance with Companies Act 2016.
You can obtain a copy of the POD General Form for each Company in Liquidation here:
Serba Dinamik Holdings Berhad (In Liquidation): SDHB_Form 67, Form 73, Form 74, Form 55
Serba Dinamik Group Berhad (In Liquidation): SDGB_Form 67, Form 73, Form 74, Form 55
Serba Dinamik Sdn. Bhd (In Liquidation): SDSB_Form 67, Form 73, Form 74, Form 55
Serba Dinamik International Ltd (In Liquidation): SDIL_Form 67, Form 73, Form 74, Form 55
We have prepared a step-by-step guide on how to fill up a POD General Form, link here.
You are required to submit scanned copies of your attested POD General Form along with the relevant supporting documents via the Creditor Engagement portal (“the Portal”). Please register an account to access the Portal by providing your details in a form, here. Physical copies of the POD General Form and supporting documents can be delivered to the following addresses :
Tricor Investor & Issuing House Services Sdn Bhd
Unit 32-01, Level 32, Tower A, Vertical Business Suite
Avenue 3, Bangsar South
No. 8, Jalan Kerinchi
59200 Kuala Lumpur, Malaysia
Subject: [Name of Serba Dinamik entity in Liquidation]
(example : Serba Dinamik Holdings Berhad (In Liquidation)
OR
Tricor Customer Service Centre
Unit G-3, Ground Floor, Vertical Podium
Avenue 3, Bangsar South
No. 8, Jalan Kerinchi
59200 Kuala Lumpur, Malaysia
Subject: [Name of Serba Dinamik entity in Liquidation]
(example : Serba Dinamik Holdings Berhad (In Liquidation)
Please take note that the lodgement of the POD General Form is intended solely for the purpose
of voting at the Creditors’ Meeting. For avoidance of doubt, the Liquidator will not be
adjudicating any POD General Form at this juncture.