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Case Update: Federal Court Decides On Duty of Liquidator of a Wound-up Listed Company

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Nathalie Ker writes an update on the Federal Court decision on the duties of a liquidator of a listed company.

The Federal Court has now issued its grounds of judgment (dated 31 March 2022) allowing the appeal of Bursa Malaysia Securities Berhad (Bursa) in Bursa Malaysia Securities Berhad v Mohd Afrizan bin Husain (Appeal No.: 02(f)-39-07/2021(W)). The grounds of judgment may be found here. The Federal Court reversed the earlier Court of Appeal decision.

The Court addressed two main issues. First, whether Bursa was obliged to immediately delist a listed company upon the company being served with a winding up order (pursuant to Rule 16.11(2) of the ACE Market Listing Requirements (AMLR)). Second, the duty of a liquidator as the person in control of the management of a listed corporation to ensure compliance with the Listing Requirements. Continue reading →

Case Update: High Court Grants Anti-Arbitration Injunction After Finding No Arbitration Agreement Existed

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June Ong writes this update on the Malaysian High Court decision applying the “full merits” test in determining the existence of an arbitration agreement.

 

The High Court in Lysaght Corrugated Pipe Sdn Bhd and Anor v Popeye Resources Sdn Bhd and Anor (Kuala Lumpur High Court Civil Suit No.: WA-22NCC-109-03/2021) (grounds of judgment dated 10 February 2022) set out the requirements for a stay of proceedings pending arbitration under section 10 of the Arbitration Act 2005. This is in particular when evaluating the existence of an arbitration agreement. Further, in dismissing the stay, the Court granted an anti-arbitration injunction to restrain a Hong Kong arbitration.

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Case Update: Court of Appeal Decides Minister Can Grant Extension of Time for Vacant Possession

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Guest writer, Annabel Tan, shares with us the Court of Appeal decision in the Bluedream case dealing with whether the Minister can extend time or not.

 

The Court of Appeal in Bluedream City Development Sdn Bhd v Kong Thye & 184 others and 5 other appeals (grounds of judgment dated 24 January 2022) decided that the Minister has the power to grant an extension of time to a housing developer to deliver vacant possession. The Court of Appeal distinguished an earlier Federal Court decision.

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Case Update: Court Protection for Judicial Managers, Being Officers of the Court

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Pang Huey Lynn writes about this novel decision where a party filed a suit against a judicial manager.

The High Court in the case of Demeter O&G Supplies Sdn Bhd v Datuk Stephen Duar Tuan Kiat (as judicial manager of Scomi Oiltools Sdn Bhd and Scomi KMC Sdn Bhd) (grounds of judgment dated 30 November 2021) allowed the judicial manager’s application to strike out the civil suit filed against him.

One of the key issues was whether a party could file a suit against a judicial manager without first obtaining permission from the judicial management court.

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Top 5 Tax Cases in Malaysia 2021

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Our guest writer, Khong Siong Sie, writes on the top 5 tax cases in Malaysia for the year 2021.

Siong Sie returns with his review of the top 5 tax cases in Malaysia in 2021. This follows the earlier 2020 review of the top 5 tax cases.

The commentary covers the determination of a real property company, release of Bumiputra quota, the director’s liability for tax, personal data protection versus the tax authority, and the solicitor-client privilege versus the tax authority.

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Top 5 Restructuring and Insolvency Cases in Malaysia 2021

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Our guest writer, Nathalie Ker, writes on the top 5 restructuring and insolvency cases in 2021.

We continue the Top 5 cases series with the top five restructuring and insolvency cases in Malaysia for the year 2021. You can also read last year’s 2020 edition.

This year’s cases cover schemes of arrangement, judicial management and winding up.

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