COVID19

5 Key Reliefs in Malaysia’s Covid-19 Bill: Better Late than Never?

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[Update: On 23 October 2020, Malaysia brought into force its COVID-19 Act, with the full name Temporary Measures for Reducing the Impact of Coronavirus Disease 2019 (COVID-19) Act 2020.]

Malaysia has tabled its Temporary Measures for Reducing the Impact of Coronavirus Disease 2019 (COVID-19) Bill (Covid-19 Bill) in Parliament. The Bill states that it will have retrospective effect from 18 March 2020. This Covid-19 Bill and the eventual Act may alleviate some of the contractual and other issues that arose from the COVID-19 pandemic and Malaysia’s movement control restrictions.

However, with this Bill only being passed sometime in August 2020, is this a case of too little, too late?  We will have to see whether Malaysia’s Covid-19 Bill can help businesses and companies.

I touch on five key areas in the Covid-19 Bill.

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10 Key Restructuring Changes in the Proposed Companies Amendment Bill 2020

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The Companies Commission of Malaysia (SSM) has issued its Consultative Document Companies (Amendment) Bill 2020. The proposed amendments cover a wide range of areas. I will write another time on some of the other areas like beneficial ownership and other amendments.

One key aspect of the Companies Amendment Bill 2020 is the very significant amendments and strengthening of the restructuring framework through the scheme of arrangement and corporate rescue mechanisms. The proposed amendments follow similar moves taken by the United Kingdom and Singapore in assisting and helping distressed companies and ensuring safeguards for creditors’ interests.

I highlight the 10 most significant restructuring and corporate rescue amendments which are in the proposed Companies Amendment Bill 2020. I did take part in the initial consultation process as a member of some of the professional bodies. I very much welcome these much-needed restructuring and relief tools to help distressed businesses in the Covid-19 environment. Continue reading →

AIAC Webinar – Statutory Rescue: Whether Introducing a COVID-19 Act Can Save the Economy?

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On Friday 8 May 2020, I will be moderating a webinar organised by the Asian International Arbitration Centre. The title is “Statutory Rescue: Whether Introducing a COVID-19 Act Can Save the Economy?” This is a free webinar and you can email: [email protected] to register for the Zoom webinar or you can view it on AIAC’s Facebook page.

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