On 20 November 2019, the Malaysian Institute of Accountants, the Insolvency Practitioners Association of Malaysia, and the Malaysian Institute of Certified Public Accountants will stage the Malaysia Insolvency Conference 2019.
It will be held at Connexion Conference & Event Centre@ The Vertical. The registration fee for members from MIA, IPAM, MICPA and the Malaysian Bar is RM1,000. Non-members fee is RM1,300.
The Federal Court in its grounds of judgment dated 16 October 2019 in Jack-In Pile (M) Sdn Bhd v Bauer (Malaysia) Sdn Bhd held that the Construction Industry Payment and Adjudication Act 2012 (CIPAA) applies only prospectively to construction contracts. CIPAA came into effect on 15 April 2014. Therefore, CIPAA only applies to construction contracts signed after this date.
Prior to this decision, there were High Court and Court of Appeal decisions holding that CIPAA could apply retrospectively to construction contracts. So if there were unpaid amounts arising from pre-15 April 2014 construction contracts, contracting parties could invoke CIPAA, had obtained adjudication decisions and had enforced payment.
It is now uncertain what will be the impact of this Federal Court decision on already decided adjudication matters based on pre-15 April 2014 construction contracts. Continue reading →
The Court of Appeal issued its grounds of judgment dated 20 August 2019 for GJH Avenue Sdn Bhd v Tribunal Tuntutan Pembeli Rumah & 2 Others. The case has essentially decided that the Tribunal of Homebuyer Claims should have applied the plain language of the Schedule G format of sale and purchase agreements under the Housing Development laws. Delivery of vacant possession is to be calculated from the date of the agreement and not from the date of the payment of the booking fee.
The Companies Commission of Malaysia (SSM, being the Malay abbreviation) maintains a useful FAQ page on the Companies Act 2016 (CA 2016) and other transitional issues. This page is updated from time to time. The FAQ is stated as being for general reference. The document does not have legal force. The issues and answers may ultimately have to be tested in the courts.
I touch on two recent updates as at 7 August 2019 dealing with voting on preference shares and meetings of a single-member public company.
The High Court in its grounds of judgment dated 5 August 2019 in the case of United Renewable Energy Co Ltd v TS Solartech Sdn Bhd. This is the first Malaysian decision to recognise the doctrine of universal succession. The Court gave effect to the transmission of shares by operation of law where there has been a foreign merger. This is a matter where I successfully acted for the applicant company.
The High Court granted a declaration that the foreign merger of the Taiwanese companies in question had carried into effect a transmission of shares held in a Malaysian company by operation of law. Further, the High Court allowed a rectification of the register of members of the Malaysian company to reflect the name of the successor entity.