Two years ago, I left legal practice at one of the largest law firms in Malaysia to pursue a full-time MBA at the Asia School of Business (ASB) — a partnership collaboration between Bank Negara Malaysia and MIT Sloan School of Management. This was a decision that felt incredibly daunting at the outset. 20 months (and an MBA degree in hand!) later, I dare say it was one of the best decisions that I have made.
Here are some of my reflections from my business school journey:
I will be chairing one of the events at the inaugural Thought Leaders 4 FIRE (Fraud, Insolvency, Recovery and Enforcement) event. It is the FIRE Asia Virtual 3-day event held on 29 June to 1 July. The topics will cover topics on fraud, asset recovery and insolvency.
You can join as a member and then attend the virtual for free. Sign up here.
The High Court in its grounds of judgment dated 10 June 2020 in Goldpage Assets Sdn Bhd v Unique Mix Sdn Bhd held that unsecured creditors can intervene in a judicial management application. The unsecured creditors’ views can then be heard in opposing the making of the judicial management order. This is an important decision clarifying this often argued point.
The Federal Court in its grounds of judgment dated 21 May 2020 Dubon Berhad (in liquidation) v Wisma Cosway Management Corporationheld that fees due to a management corporation or a joint management body under the Strata Management Act is not a secured debt. Such fees are a pure unsecured debt within the insolvency regime. This will bring clarity for a liquidator of a company which is an owner of a strata property.
Law firms in Malaysia are facing challenging times. Based on the recently released Bar Council survey results on 5 June 2020 (report available from the Malaysian Bar website to members only), almost half of the law firms replied that they would be downsizing, closing their law practice or ceasing practice. Close to 60% of the law firms responded that they were not intending to hire due to financial issues from the movement control / COVID-19.
I highlight the key points from the Bar Council survey from the perspective of hiring trends moving ahead. Continue reading →
This seminar will cover all the common practical issues for companies arising from the movement control restriction. With the heightened risk of solvency-related issues, directors must also be aware of their responsibilities and the risks of personal liability.