Malaysia report – Corporate Restructuring and Insolvency in Asia 2020

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Reporter: Andrew Chiew Ean Vooi

Index

A. CORPORATE INSOLVENCY LAWS OVERVIEW

i. Corporations

ii. Businesses

iii. Securities

B. RESCUES: OUT-OF-COURT AND IN-COURT (GOVERNANCE AND SUPERVISION)

i. Out-of-court workouts

a. informal workouts
b. Corporate Debt Restructuring Committee
c. Small Debt Resolution Scheme

ii. Pre-insolvency proceedings

a. Corporate voluntary arrangement

I. INITIATING A CORPORATE VOLUNTARY ARRANGEMENT
II. PUBLICITY
III. VOLUNTARY ARRANGEMENT

b. Scheme of arrangement

I. INITIATING A SCHEME OF ARRANGEMENT
II. APPROVAL OF SCHEME OF ARRANGEMENT
III. ROLE OF DIRECTORS

iii. Formal insolvency proceedings

a. Judicial management

I. APPLICATION FOR JUDICIAL MANAGEMENT ORDER
II. EFFECT OF JUDICIAL MANAGEMENT ORDER
III. PROPOSAL
IV. DISCHARGE OF JUDICIAL MANAGEMENT ORDER

iv. Court involvement

a. Corporate voluntary arrangement
b. Scheme of arrangement
c. Judicial management

v. Insolvency office-holders

a. Corporate voluntary arrangement
b. Judicial management
c. Scheme of arrangement

vi. Directors and managers of distressed entities

vii. Conversion of proceedings

viii. Rescue financing

ix. Effect of stay and moratorium

a. Corporate voluntary arrangement
b. Scheme of arrangement
c. Judicial management
d. Extraterritorial effect
e. Standstill agreement

x. Ordinary and special contracts

xi. Ranking, priority and resolution of creditor claims

a. Debts
b. Class of creditors
c. Claims resolution process

xii. Treatment of foreign creditors

xiii. Creditor supervision of proceedings

a. Corporate voluntary arrangement
b. Scheme of arrangement

xiv. Employment, stakeholding and pension issues

xv. Avoidance and clawback rules

xvi. Rescue plans and sales as going concern

C. GROUP INSOLVENCY

D. MISCELLANEOUS

i. Small and medium-sized enterprises

ii. International and cross-border insolvency law

APPENDIX OF LEGISLATION AND POLICIES REFERRED TO