The Companies Commission of Malaysia, or Suruhanjaya Syarikat Malaysia (SSM), will be bringing into force the last remaining provision of the Companies Act 2016 (CA 2016). This is section 241 of the CA 2016 on the requirement for all company secretaries to register with SSM. SSM will issue practising certificates to all company secretaries.
On 3 October 2017, the Companies Commission of Malaysia (SSM) is holding the SSM National Insolvency Conference 2017 entitled ‘Corporate Restructuring & Insolvency under Companies Act 2016: A Paradigm Change’. I have been involved in the organising of the sessions and it promises to be a very interesting conference. The registration fee is RM700.
I will be speaking and moderating Session 2 on ‘Corporate Rescue Mechanism: How It Will Work’. Joining me will be Mohamed Sufyan Mohamed Mokhtar from SSM and Victor Saw of PwC.
Under the Companies Act 2016, the corporate rescue mechanism is made up of corporate voluntary arrangement and judicial management. Although the corporate rescue mechanism provisions have not been brought into force yet, it is anticipated that these provisions will come into effect by May 2018. In the meantime, the new draft Corporate Rescue Mechanism Rules are close to being finalised as well.
In our Session 2, the speakers will be fleshing out the application of the corporate voluntary arrangement and judicial management through factual scenarios. That should assist in seeing the practical implementation of these new mechanisms.
The other topics covered at the National Insolvency Conference are:
The World Bank’s Perspective on Debtors’ and Creditors’ Rights.
New Guidelines in Striking Off of Companies and Asset Management of Dissolved Companies.
Impact of the Companies Act 2016 on Winding Up.
What It Takes to Become an Insolvency Practitioner.
The full brochure and registration form can be found here.
On 12 September 2017, I was invited to be a speaker at the MAICSA Annual Conference 2017. This was on the Plenary Session 2 on Companies Act 2016 – Key Insights and Implications for Directors/Shareholders. It was moderated by my co-author and chartered secretary, Kenneth Foo.
Having delivered my presentation, there were interesting questions from the floor as well as through my interactions with the audience members. I thought it would be useful to highlight 3 of the questions I received. They are an indication of the issues still concerning practitioners and companies . Continue reading →
It is now confirmed through the gazette notice. The Companies Act 2016 will come into force on 31 January 2017.
The entire Companies Act 2016 will come into operation except for the sections on: (1) the company secretary’s registration with the Registrar of Companies; and (2) the corporate rescue mechanisms. Hence, effectively, all companies will now have to operate under the Companies Act 2016 framework.
With 31 January 2017 merely days away, I set out the 10 crucial things companies can consider preparing for under the Companies Act 2016.