Law

”Kamil, Karim and Kamal are shareholder and directors of two companies, Gemilang Co. and Cemerlang Co. Recently, Gemilang Co was faced with financial difficulties and its business was struggling to stay afloat. Kamil, Karim and Kamal decided that Gemilang Co. takes up a loan from Purnama Finance even though the company has no resources to pay the loan. As the budget very tight, the directors decided to postpone paying EPF for the workers and to reduce the income tax payable by the company, they decided to transfer some of the assets of Gemilang Co. to Cemerlang Co. After 2 months of not being paid their salary, the workers in Gemilang Co wanted to sue Kamil, Karim and Kamal. The workers also demanded that their salary be paid from Cemerlang Co which was doing very well financially.
Advise Kamil, Karim and Kamal as regards their liabilities in accordance with the Companies Act 2016.”

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