Nathalie Kerwrites an update on the Federal Court decision on the duties of a liquidator of a listed company.
The Federal Court has now issued its grounds of judgment (dated 31 March 2022) allowing the appeal of Bursa Malaysia Securities Berhad (Bursa) in Bursa Malaysia Securities Berhad v Mohd Afrizan bin Husain(Appeal No.: 02(f)-39-07/2021(W)). The grounds of judgment may be found here. The Federal Court reversed the earlier Court of Appeal decision.
The Court addressed two main issues. First, whether Bursa was obliged to immediately delist a listed company upon the company being served with a winding up order (pursuant to Rule 16.11(2) of the ACE Market Listing Requirements (AMLR)). Second, the duty of a liquidator as the person in control of the management of a listed corporation to ensure compliance with the Listing Requirements. Continue reading →
The INSOL-World Bank Group has updated its Global Guideon measures adopted to support distressed businesses through the Covid-19 crisis. The publication is now updated to the changes as at April 2021. I had earlier posted up the earlier edition of the guide as at April 2020.
The Global Guide covers 80 countries, and how each country had tackled the Covid-19 crisis through governmental, regulatory and legal relief measures.
Nathalie Ker discusses a Court of Appeal case on a sale by tender by receivers and managers. This article was originally published in Skrine’s Legal Insights Issue 03/2018.
It is common practice for the receivers or liquidators selling the assets of a company to conduct a sale by tender, issuing an Information Memorandum and inviting tenders from various parties. In such a situation, when does acceptance take place and when is a contract formed?
The Court applied the principles of formation of contract to the issue as to whether a contract existed between the Appellant, Emas Kiara Sdn Bhd (“Emas Kiara”), and the 1st and 2nd Respondents who were receivers and managers (“R&M”) of the 3rd Respondent, Lembah Beringin Sdn Bhd (“Lembah Beringin”). Continue reading →