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
Wong Li Qi writes a case update on a Singapore High Court decision on the interaction between the judicial manager’s powers and the directors’ residuary powers of management.
The Singapore High Court in Ocean Tankers (Pte) Ltd v Rajah & Tann Singapore LLP  SGHC 47 dealt with the standing of directors to bring an action on behalf of the companies after interim judicial managers were appointed.
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
Lee Shih and Lynn comment on the Federal Court proceedings involving points of law on judicial management
The Federal Court in the case of Million Westlink Sdn Bhd will now decide on an important area on judicial management law. Whether unsecured creditors can appear in an application for a judicial management order and oppose the making of the judicial management order. Leave to the Federal Court was granted on 4 January 2021. Continue reading