KPMG caused a little Internet ruckus when they issued a notice on the liquidation process of Malaysian Airline System Berhad, but guess what – MAS is being liquidated, just not Malaysia Airlines!
Is Malaysia Airlines Being Liquidated?
KPMG today caused a bit of an Internet ruckus when they issued this notice on the liquidation process of Malaysian Airline System Berhad (MAS).
NOTICE TO ALL CREDITORS
IN THE MATTER OF COMPANIES ACT 2016
IN THE MATTER OF
MALAYSIAN AIRLINE SYSTEM BERHAD
– IN LIQUIDATION
Registration No :197101000245 (10601-W)
(In Creditors’ Voluntary Liquidation since 14 February 2020)
NOTICE OF SUBMISSION OF PROOF OF DEBT OR CLAIM
NOTICE IS HEREBY GIVEN THAT creditors of the Company, whose debts or claims have not already bee admitted, are required not later than 5:00 p.m. on 12 November 2020, to prove their debts or claims and to establish any title they may have to priority by delivering by hand or sending by post to the Liquidator at the address below, a formal PROOF OF DEBT or claim in accordance with the Proof of Debt General Form (which may be obtained from the Liquidator) containing their respective debts or claims and all documents.
No, Malaysia Airlines Is NOT Being Liquidated!
It may be possible that some time in the future, Malaysia Airlines may be insolvent in this COVID-19 pandemic, but that day is not here yet.
The liquidation of Malaysian Airline System (MAS) is genuine, and so is the KPMG notice to creditors.
However, Malaysian Airline System (MAS) is an old, defunct entity, and is separate from Malaysia Airlines Berhad (MAB) which owns Malaysia Airlines.
In other words, Malaysia Airlines – the national carrier of Malaysia – is NOT being liquidated by KPMG.
Malaysia Airlines Berhad today issued this statement :
Malaysia Airlines Berhad (MAB) wishes to clarify that the notice to creditors for submission of proof of debt or claim that has been circulating on social media is one of the processes of liquidation undertaken by KPMG for the old entity Malaysian Airline System Berhad (MAS), as the appointed liquidator of the company since February 2020. The matter is unrelated to MAB and is no way part of its current restructuring exercise.”
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