The High Court in Chuah Seong Keat and 3 others v Din Tan Yong Chia and 21 others, or otherwise referred to as the Thai Odyssey case, allowed the striking out of certain reliefs from a shareholder oppression action. The Court found that those reliefs were claims under trademarks and domain name and fell outside the oppression relief. You can access the full Grounds of Judgment dated 12 May 2021. Continue reading →
The High Court in the decision of Top Builders Capital Berhad and two others (grounds of judgment dated 30 April 2021) set out certain important principles on scheme of arrangement law. The decision dived deep into issues on assessing the proof of debt for the creditors’ vote in a scheme and how to obtain leave to proceed against a restraining order.
The Singapore High Court decision in Re HTL International Holdings Pte Ltd  SGHC 86 dealt with an unfair prejudice claim made against judicial managers. The decision confirms the high threshold to show the decision of the judicial managers was plainly wrong, unfair or perverse. This decision is very persuasive authority for Malaysia judicial management law. Continue reading →
Scomi Group Bhd, listed on the Main Market of Bursa Malaysia, has applied for judicial management. This provides Scomi Group with a moratorium from legal proceedings and is part of its financial restructuring plan. This case also raises interesting legal issues. Continue reading →
Starting from 1 April 2021, the threshold for the issuance of a winding up statutory demand is now fixed at RM50,000.00.
Through this gazette notice (GN No. 4159), the Minister has set this prescribed amount. This is consistent with the powers of the Minister under section 466(1)(a) of the Companies Act 2016 to prescribe the minimum amount of indebtedness for the issuance of a statutory demand for winding up.
The Edge Malaysia reported in its 29 March 2021 issue that fewer companies were wound up in 2020 compared with 2019. The article shared two interesting statistics they obtained from the Companies Commission of Malaysia. Continue reading →