On 10 April 2020, the Companies Commission of Malaysia (SSM) announced that seven reliefs will be provided to companies in light of the COVID-19 outbreak and Malaysia’s Movement Control Order (MCO). These initiatives are very much welcomed. They range from temporary protection from winding up of companies, extension of time to lodge statutory documents, and an extension of time for the annual general meeting.
As part of the ongoing CLJ Law webinar series, I will be speaking on Monday 13 April 2020 at 3pm. I will highlight the key restructuring and rescue options for businesses (both companies and for individuals), and also the potential risks for directors as the companies take on more debt during this COVID-19 period.
[Edit: The session filled up its 100 spots within an hour of registration opening. I am now discussing with CLJ Law whether a second session can be held. ]
This is a free webinar but requires prior registration and limited to only 100 pax. You can click to register here.
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
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
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.
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.
