Lee Shih

Speaking at Book Launch: Meetings, Minutes and Resolutions

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On Tuesday 23 March 2021, I will be one of the co-speakers at the forum held in conjunction with the virtual book launch of CLJ’s Company Meetings, Minutes and Resolutions in Malaysia. Delighted to see the launch of this book written by Kenneth Foo Poh Khean and Leong Oi Wah.

The book covers essential requirements, rules and principles in company meetings, minutes and resolutions. This book provides two dimensions in the areas of meetings, minutes and resolutions from the legal perspective and the practical insights supported by examples, legal precedents and explanations.

You may register for the free Zoom session for the forum over here. The book is available for purchase over here.

First Criminal Charge under Malaysia’s Corporate Liability Provision

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On 17 March 2021, the Malaysian Anti-Corruption Commission (MACC) announced that the MACC will be making the first charge under Malaysia’s corporate liability provision – section 17A of the MACC Act.

MACC’s press release is set out below (in the Malay language only):

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Financial Distress: 6 Reliefs for Corporate Malaysia

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In EY Malaysia’s Transactions Insights (February 2021), it was pointed out that the prolonged impact of the COVID-19 pandemic continues to disrupt Corporate Malaysia, financially and operationally. Almost a year on, the magnitude of financial risks has increased. A vast majority of companies would require some form of recapitalization to improve their financial position.

I identify six much-needed reliefs to provide a shot in the arm for Corporate Malaysia. The reliefs will help to inoculate and strengthen businesses against further distress.

In the Companies Commission of Malaysia (CCM) Consultation Document issued in July 2020, CCM set out policies and a draft proposed Bill in support of such reliefs. I wrote about these changes in The Edge Malaysia as well.

Like the vaccine rollout in Malaysia, I am hoping for a smooth and quick rollout of these proposed laws. The commentary below is based on the proposed laws by the CCM. Continue reading →

Case Update: Director’s Breach of Fiduciary Duty Through Inaction

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The Privy Council’s decision in Byers v Chen Ningning [2021] UKPC 4 reiterates certain key points of law on the director’s fiduciary duty to the company. A director who knows that a fellow director is acting in breach of duty or that an employee is misapplying the assets of the company must take reasonable steps to prevent that from happening.

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Case Update: Local Authority’s Assessment Rates is Not a Priority Debt in Liquidation

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In the High Court decision of Re SG & Sons Sdn Bhd (grounds of judgment dated 10 February 2021), the Court has confirmed that the local authority’s assessment rates is not a priority debt in a winding up.
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Spartacus Order: Self Identification Order against Persons Unknown

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A self-identification order, otherwise known as a Spartacus order, is an order to compel the unknown defendant to identify himself and provide an address of service.

In the ongoing case of Zschimmer & Schwarz v Persons Unknown, Ong Chee Kwan JC in the High Court granted Malaysia’s first-ever Spartacus order recently . You can access the grounds of judgment dated 13 February 2021 for the grant of the Spartacus order. Continue reading →