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Posted by / 19-Jan-2020 05:14

The application for a restraining order became open to abuse by companies without any viable proposal for a scheme of arrangement, whether by way of a deferred payment plan or a compromise.Section 176 also allows the existing management to continue in management without adequate protection for creditors against dissipation of assets and inappropriate application of cash resources.

However, its practical use is likely to be limited because it will not apply to public companies or any company with charged property, as well as certain institutions regulated by the Central Bank of Malaysia and Capital Markets and Services Act 2007.It also modifies the existing law relating to schemes of arrangement.The Companies Act 2016 is anticipated to come into effect in late 2017.Recognizing the inadequacy of existing provisions to facilitate the rehabilitation of companies, reforms in the Companies Act 2016 include the introduction of two key features: The other provisions affecting insolvency law and practice in the Companies Act 2016 codify certain established common law principles applicable in insolvency and increase penalties and threshold amounts.Detailed discussion of the insolvency reforms made by the Companies Act 2016 Judicial management allows a company, its directors or a creditor, to apply to the Court to place the management of the company in the hands of a qualified insolvency practitioner known as a “judicial manager.” A judicial management order directs that the affairs, business and property of the company be managed by the judicial manager for the period in which the order is in force, which is 6 months with the possibility of a further 6 month extension.

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The corporate voluntary arrangement is conceptually similar to the current scheme of arrangement mechanism where the existing management of a financially distressed company remains in control during the restructuring.

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