On 29 March 2017, it has been reported (see Bernama and the New Straits Times) that the Bankruptcy (Amendment) Bill 2016 has been passed by the Dewan Rakyat, being the lower house of Parliament of Malaysia. The changes to the law will not be in force just yet. The Bill will now be sent to the Dewan Negara and then subsequently receive Royal Assent. The coming into force of the new law will then be on a gazetted date.
As earlier posted, TheMalaysianLawyer.com is partnering up with Legal Logic Asia for this upcoming Companies Act 2016 talk. It will be on 4 April 2017 at Pullman Hotel Bangsar. Click on the image below for the registration form.
Set out below is a preview of some of the topics that will be covered at the talk. I highlight below 6 common areas I come across frequently in practice.
I have been invited to speak at the MIA Audit Committee Conference 2017 on 5 April 2017. The conference will be held at the Connexion Conference & Event Centre. The registration form can be downloaded over here.
I will be speaking at the panel session on the Companies Act 2016 and its impact on the audit committee’s responsibilities. We will be covering the new management requirements, the utilisation of share premium and the capital redemption reserve and the new business review section. It is a good combination of speakers drawn from across the various industries. I am very much looking forward to this.
[edit: Burgielaw has responded to this article to clarify matters: “Burgielaw.com wishes to clarify that, as of today, Bar Council has neither disapproved nor disallowed the application of Burgielaw.com.”]
In June 2016, TheMalaysianLawyer.com published an article titled “Malaysian Bar Council’s scrutiny of Dragon Law continues legal innovation debate”, written by Marcus van Geyzel.
The article was prompted by a report that the then Malaysian Bar President, Steven Thiru, had confirmed that Dragon Law‘s entry into the Malaysian market was being scrutinised. Do re-read that article for an analysis of the state of legal innovation in Malaysia at the time.
This article seeks to provide an update on the Bar Council’s stance on services in the innovative legaltech sphere—BurgieLaw, CanLaw (which was launched after the earlier article), and Dragon Law—based on the report by the Legal Profession Committee (“LPC”) dated 1 December 2016 contained in the 2016/17 Annual Report of the Malaysian Bar.
In light of the Companies Act 2016 coming into force on 31 January 2017, Bursa Malaysia has announced on 20 March 2017 that it has issued a consultation paper to seek public feedback on the proposed review of the Listing Requirements. You can access the consultation paper here and feedback is to be given by 14 April 2017.
Reading the consultation paper, I set out below on an interesting proposed move towards greater transparency in the remuneration of directors. It is proposed that new requirements be put in place for tighter shareholder approval and for disclosure of remuneration on a named basis.
One of the aims of the Companies Act 2016 is to strengthen shareholders’ rights. I anticipate further avenues for shareholders, in particular minority shareholders, to ensure that their rights are protected.
I set out below 7 changes to shareholders’ rights and remedies. In particular, some of these changes will likely lead to more shareholder litigation. This will test the exact limits of the new laws. For consistent reference, I will be referring to the term ‘shareholder’ and not to the term member of the company. Continue reading
The Solicitors’ Remuneration (Amendment) Order 2017 (“SRAO”) has been gazetted and will be in force from 15 March 2017.
The SRAO makes several important changes to the Solicitors’ Remuneration Order 2005 (“SRO”), which sets out the fees payable to lawyers in property transactions, including —
- sale and purchase transactions (subsale and developer transactions);
- leases and tenancies; and
- charges, debentures, and other security or financing documents.