The High Court in Syed Ibrahim & Co v Trans Fame Offshore Sdn Bhd [2022] MLJU 1380 (grounds of judgment dated 16 June 2022) involved the Court granting a second judicial management order. In effect, this allowed for the company to be under judicial management even past the initial 12-month period of the first judicial management order.
The Inns of Court Malaysia will be holding another instalment of its flagship event, the ICM Legal Education Series. This webinar is on Friday 22 July 2022 at 4pm. Registration is required. The event is free for Inns of Court Malaysia members and RM50 for non-members.
This talk is titled Judicial Management and Corporate Rescue: Balancing the Rescue of Distressed Companies and the Rights of Creditors.
You may download the poster for email registration or sign up via the Google Forms link. Continue reading
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
The High Court in Asiabio Capital Sdn Bhd v Seacera Group Bhd [2021] MLJU 2598 (grounds of judgment dated 3 November 2021) has emphasised the mandatory pre-conditions for the grant of a restraining order in a scheme of arrangement.
This short decision touches on the importance of showing that the proposed scheme of arrangement must involve more than half of the total debts of the debtor company.
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.
On Tuesday 25 January 2022, I will be speaking at the CLJ Law webinar on ‘Latest Developments in Company Law: 2021 Review and 2022 Forecast‘.
This is a free webinar but with prior registration. You can register for the Zoom link here.
We will highlight and discuss leading cases and developments in the past year with regards to company law. We will touch on issues significant to directors’ duties, the conduct of meetings, shareholders’ disputes, and other corporate litigation trends.
We will discuss current trends, lessons learnt, and possible developments in company law for 2022.
