There has been overwhelming response for this talk and the registration has already closed unfortunately. My co-speaker will be Puan Norhaslinda Salleh, Head of the Insolvency in the Registration Services Division of the Companies Commission.
The talk will be based on all the new provisions of the Companies Act 2016 as well as the Limited Liability Partnerships Act 2012. The focus will be the closing down of a business, whether it is the winding up of a company or a LLP. We will be sharing from our practical experience, and in particular, my co-speaker will be able to share from the regulator’s perspective.
We will cover areas on:
Understand the process of winding up and its impact on the company, creditors and liquidators.
Appreciate the difference in the two voluntary winding up processes.
Identify the different effects of voluntary winding up on legal proceedings.
Recognise the different grounds to initiate the court winding up process.
Understand the court winding up process from the statutory demand until the winding up order.
Be aware of the striking off procedure and to avoid striking off.
How to apply for the striking off for a dormant company.
Applying for the reinstatement of a struck off company.
Learn on the practical issues arising from the management of assets of dissolved companies.
Understand the winding up and striking off procedure for LLPs.
About two weeks ago, I had a pre-recorded interview with BFM to share my views on the new Companies Bill 2015.
This morning, the segment was aired as part of its Current Affairs series. You can click on to the podcast.
I generally shared why the new changes are to be welcomed and I traced the long process to arrive where we are at. On the one hand, we adopted the best practices from other jurisdictions. However, I also shared my personal thoughts on certain areas where we could have improved further. Finally, I shared how the different segments of the industry may be worried about the unknown and of the new.
Within the corporate sphere, there is an ever-present tension between majority rule, where the majority shareholders are allowed to dominate the decision-making process, and that of protection of minority shareholders. Where majority rule is abused and is wielded in the majority’s self-interest rather than the interest of the company, then the minority shareholder may be able to seek court intervention for relief.
I have always found this area of company law fascinating and I will be writing more on this in future. This article will serve as a primer on some of the forms of shareholder remedies, especially in a Malaysian context.