insolvency

How to Qualify as a Liquidator in Malaysia

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Qualified persons can now apply to be licensed as liquidators, or also known as insolvency practitioners, in Malaysia. This allows for the licence holder to take on appointments as: (i) liquidator; (ii) receiver or receiver and manager; (iii) judicial manager; and (iv) a nominee in a corporate voluntary arrangement.

The Accountant General of Malaysia recently issued its Guidelines for Qualification as Liquidator under the Companies Act 2016 (CA 2016) dated 21 January 2020 (only available in the Malay language). This now allows for qualified persons to apply for a liquidator licence under the CA 2016.

I write about the past qualification route for liquidators under the Companies Act 1965 (CA 1965) and this new qualification regime under the CA 2016. Continue reading →

Top 5 Restructuring & Insolvency Cases in Malaysia for 2019

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Earlier, I covered the top five Malaysian company law cases for 2019. To complete the series, I now feature the top five restructuring and insolvency cases in Malaysia for 2019.

In 2019, we saw further developments interpreting the insolvency-related provisions of the Companies Act 2016 (CA 2016). I have selected these case due to the interesting and novel points of law.

The cases featured below range from judicial management, schemes of arrangement and the receiver’s ability to have continued supply of utilities. Continue reading →

Malaysia Insolvency Conference 2019

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On 20 November 2019, the Malaysian Institute of Accountants, the Insolvency Practitioners Association of Malaysia, and the Malaysian Institute of Certified Public Accountants will stage the Malaysia Insolvency Conference 2019.

It will be held at Connexion Conference & Event Centre @ The Vertical. The registration fee for members from MIA, IPAM, MICPA and the Malaysian Bar is RM1,000. Non-members fee is RM1,300.

Continue reading →

Case Update: Priority of Wages under the Employment Act over Debenture Holder Debts

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The High Court issued its grounds of judgment dated 18 July 2019 in the case of Perwaja Steel Sdn Bhd (in receivership) v RHB Bank Berhad & 789 Others. Justice Darryl Goon delivered the decision.

The main issue was whether wages under section 31 of the Employment Act 1955 (Employment Act) would have priority over the debts owed to the debenture holder.

Continue reading →

Speaking in Kota Kinabalu on Winding Up of Companies on 20 June 2019

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On 20 June 2019, I will be speaking at the Companies Commission of Malaysia Training Academy (COMTRAC) session on Cessation of Companies and Limited Liability Partnerships. This one-day seminar is held in Kota Kinabalu, Sabah. You can still sign up for the seminar, and with the registration fee at RM500 or discounted to RM400 for licensed secretarties, and for members of MAICSA, MIA, the Malaysian Bar, MACS, MICPA, Sabah Law Association and the Advocates Association of Sarawak.

My co-speaker is Puan Norhaslinda Salleh. She is the Head of Insolvency in the Registration Services Division, Companies Commission of Malaysia. Continue reading →

Upcoming Book: Law and Practice of Corporate Insolvency in Malaysia

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Sweet & Maxwell is publishing an upcoming book: Law and Practice of Corporate Insolvency in Malaysia. It will be the first dedicated text in Malaysia covering restructuring and insolvency law. Each chapter is written by a lawyer, an insolvency practitioner or a combination of both. The book should be a good blend of the latest legal developments and practical tips.

The book will cover all the areas of winding up, receivership, schemes of arrangement, corporate voluntary arrangement and judicial management. Continue reading →