Earlier this year, both the lower and upper houses of Malaysias parliament, passed the Companies Bill 2015 (the Bill) which will harmonise Malaysia’s insolvency laws and bring them more in line with modern international standards. Once the Bill comes into effect (it is currently awaiting Royal Assent), it will replace Malaysias existing Companies Act 1965.
One of the key features of the Bill is the introduction of two new corporate rescue mechanisms to try to assist financially distressed companies avoid being wound-up in insolvency. Currently the Companies Act only allows an insolvent Malaysian company to wind itself up, undertake a Scheme of Arrangement under Section 176 of the Companies Act, or appoint a receiver….
Read the full article at: http://www.jdsupra.com/legalnews/malaysia-s-new-insolvency-regime-36969/