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Trade payable amount owning to supplier (Sdn Bhd) which has been dissolved (strike off or winding up)

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asked on Feb 7, 2018 at 12:57
by   Thien Thien
edited on Feb 26, 2018 at 02:03
 
As I know any money payable in a trade account and remained dormant for a period of not less than 2 years are regarded as unclaimed money under the Unclaimed Moneys Act 1965. 

However, if my supplier (Sdn Bhd or Bhd) has been dissolved. Do I (Sdn Bhd) still need to remit the amount to the registrar (The Accountant General of Malaysia)? 

And if so, since the supplier is a limited company, who is entitled to claim for refund of the unclaimed moneys from the registrar subsequently? the shareholders? or not one is entitled for the claim?

Thank you so much and if any part of my question is not clear, please kindly ask.
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answered on Mar 22, 2018 at 23:34
by   jeff005
Aiyaa... The supplier has ceased to exist. Even if you write out a cheque now, how to bank in? Just issue out out a debit note as discount given to you.
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answered on May 21, 2018 at 11:13
by   khoocal
edited May 30, 2018 at 02:32
 
Strictly by the law (Act 370), you are still required to submit the moneys to the Registrar of Unclaimed Moneys, even though many companies do not practice this.

For any Sdn Bhd company is bankrupt, the liquidator will be entitled to claim on their behalf.  If the company is totally dissolved, then the money will remain in Jabatan Akauntan.  Neither the shareholders nor the directors will be able to claim that money as the money can only be returned to the bank account belonging to that entity.
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