Kim, Kourtney, and Khloe are the shareholders of Dash Closets Sdn. Bhd. The authorised capital: Business Law Home Work, HU, Malaysia

University HELP University (HU)
Subject Business Law Home Work

Kim, Kourtney, and Khloe are the shareholders of Dash Closets Sdn. Bhd. The authorised capital of the company is RM2.5 million. Kim has agreed to contribute RM900,000, and the remaining balance is split evenly between Kourtney and Khloe. Kim and Khloe have paid 60% of their shares, while Kourtney has paid up all her shares.

They decided to buy a shophouse in Kota Kinabalu, Sabah, which initially belonged to Kourtney. Upon completing the sale and purchase of the shophouse, a fire unfortunately destroyed it. Kim, Kourtney, and Khloe only recently realised that the unit’s insurance was still under Kourtney’s name. Meanwhile, Dash Closets Sdn. Bhd. could not pay its creditors, who now demand payment from Kim, Kourtney, and Khloe. Discuss the legal implication(s) in the above situation based on the Companies Act 2016 and decided cases.

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