KUALA LUMPUR (Oct 23): London Biscuits Bhd (LBB), which is facing a winding-up petition, has pledged cooperation in the interim liquidation process after the High Court today approved  the appointment of an interim liquidator.

The LBB said Lim San Peen of PricewaterhouseCoopers Advisory Services Sdn Bhd has been appointed as the interim liquidator.

“The interim liquidator is essentially appointed to preserve the asset of the company and empowered to take into custody or under his control all the property to which LBB is or appears to be entitled,” the group said in a filing with the stock exchange.

“Property includes any cash at bank or any registered trademarks, intellectual property or patents held by LBB,” it added.

LBB said its board has yet to hand over control of its books and records and assets to the interim liquidator but will cooperate with the liquidator to ensure the smooth running of the interim liquidation process.

It added that the board is at the moment unable to ascertain the extent of the effect of LLB’s winding-up on the group but will provide updates in due course.

On Sept 18, a petition was served on LBB by Desa Potensi Sdn Bhd, demanding the outstanding payment of RM16.41 million being the unpaid invoices owed by LBB during the period from April 1 to June 30.

The High Court had then granted an order that there shall be no ex-parte application by LLB pending the determination of the application by Desa Potensi, OCBC Al-Amin and Bangkok Bank Bhd to appoint an interim liquidator.

LLB’s share price closed unchanged at 9.5 sen today, after 176,000 shares crossed, bringing it a market capitalisation of RM27.62 million.