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Companies Act 2016: The New Dynamics of Company Law in Malaysia

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I have been working hard over the last few months writing my book, ‘Companies Act 2016: The New Dynamics of Company Law in Malaysia‘. The process was tiring but very rewarding. It was a culmination of my 10-over years of experience in company law.

My co-author is Kenneth Foo, an experienced Chartered Company Secretary. In this book, we have combined our experience in company law, company secretarial, compliance and insolvency practice. The book will be officially launched at an event on 24 January 2017. Read below for more information.

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Companies Act 2016: Small Companies Do Not Need Auditors

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Under the Companies Act 2016, it appears that dormant companies and small private companies will no longer need to appoint auditors. This audit exemption will allow startups and SMEs to enjoy further cost savings in the running of their businesses.

Allowing for audit exemption also brings Malaysia in line with practices in other countries like the UK, Australia and Singapore.

[edit: The Companies Commission of Malaysia has now published the feedback it has received on the public consultation on the proposed audit exemption. I have written about it here.]

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Image from NY – http://nyphotographic.com

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The Legal 500 Asia Pacific 2017 released

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The Legal 500 Asia Pacific 2017 rankings were released on 9 November 2016.

The Legal 500 directory is widely viewed as the most prestigious legal rankings in the world, as the recommendations are based on work done, and feedback from clients and other lawyers worldwide.

The Malaysia section is divided into 13 sections, and the following is an excerpt of The Legal 500’s overview:

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A Sea Change: How Hanjin’s Cross-Border Insolvency May Dock in Malaysia

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My article published in The Malaysian Reserve on 27 October 2016.

tmr1Background

At the end of August 2016, one of the world’s largest container shipping companies, Hanjin Shipping Co Ltd, filed for rehabilitation proceedings at the Korean Bankruptcy Court. The Korean Bankruptcy Court granted provisional orders to preserve Hanjin’s assets.

There was immediate chaos. Around the world, some of Hanjin’s vessels in ports were seized while other vessels were stranded out at sea for fear of being seized.

To aid the rehabilitation proceedings in South Korea, it has been reported that Hanjin will seek court protection from more than 40 countries to preserve Hanjin’s assets.

Against this backdrop, I set out the ongoing legal developments in such a cross-border insolvency scenario and how these developments may affect Malaysia.

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Credit: Nsandel at English Wikipedia

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Malaysia’s Companies Act 2016

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The long-awaited Companies Bill 2015 has received Royal Assent and has been gazetted as the Companies Act 2016.

Based on a prescription order under the National Language Act, the authoritative text of the Companies Act 2016 (and any subsidiary legislation made under the Act) is the English language text. The new Act has not been brought into force yet. [update: The gazette notice has been issued. Almost all the provisions of the new Act will be brought into force on 31 January 2017. I have now written about this and the 10 things to immediately prepare for.]

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It has also been announced that the Companies Commission of Malaysia intends to bring the Companies Act 2016 into force in stages. This will start from next year onwards. I would imagine that the sections dealing with insolvency and the new corporate rescue mechanisms could be brought into force at the last stage. The priority may be to implement the new provisions on the incorporation of companies.

To read more about my thoughts on the Companies Bill 2015 and now, the new Companies Act 2016, see below:

 

 

 

10 Must-Read Appellate Advocacy Tips: The Malaysian Perspective

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I have set out below 10 appellate advocacy tips. They focus on the skills of arguing before the Court of Appeal and the Federal Court.

Some of these lessons have been passed down from senior counsel I have worked with. Some are based from my own observations or tips gleamed from the judiciary at various conferences. I cannot take credit for these tips but I do hope that they came in useful. Any errors are my own.

Ultimately, there is no substitute for being on your feet, making your submissions, learning from each experience and developing your own style.

(Photo by: Shane Mahood/USA Network)
(Photo by: Shane Mahood/USA Network)

Read about knowing the battlefield, winning the battle through written advocacy, starting strong in your oral advocacy and building your reputation.

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