The introduction of the judicial management scheme

This project paper will focus on one key question, viz. is it time to amend the Companies Act 1965 in order to welcome the judicial management scheme, as an another alternative to liquidation, other than the existing scheme of arrangement under s 176 of the Companies Act 1965? In order to answer thi...

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Main Author:	Choo, Beng Soo
Format:	Thesis
Language:	eng eng
Published:	2014
Subjects:	K Law (General)
Online Access:	https://etd.uum.edu.my/4215/1/s811809.pdf https://etd.uum.edu.my/4215/2/s811809_abstract.pdf
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id	my-uum-etd.4215
record_format	uketd_dc
spelling	my-uum-etd.42152022-05-18T01:56:15Z The introduction of the judicial management scheme 2014 Choo, Beng Soo Abdul Rahman, Rohana Ghazali Shafie Graduate School of Government Ghazali Shafie Graduate School of Government K Law (General) This project paper will focus on one key question, viz. is it time to amend the Companies Act 1965 in order to welcome the judicial management scheme, as an another alternative to liquidation, other than the existing scheme of arrangement under s 176 of the Companies Act 1965? In order to answer this question, the existing scheme of arrangement provided under s 176 of the Act has to be examined and studied carefully. The objectives of this project paper are to identify the benefits and shortfalls of s 176 of the Companies Act 1965, i.e. scheme of arrangement as well as to examine the judicial management scheme that proposed by the Corporate Law Reform Committee and the Companies Bill 2013. It also involves comparative study with other jurisdiction namely with the Republic of Singapore and to suggest any necessary improvements or amendments on the current law. The study found that the despite the obvious lacking of s 176 of the Companies Act 1965, i.e. scheme of arrangement, the introduction of the Companies Bill 2013 did nothing much in improving it. Thus, it is important to introduce the judicial management scheme in Malaysia, as prima facie, it able to cure the issue of classification of creditors that long existed in the scheme of arrangement. Upon reviewing the judicial management provisions in the Republic of Singapore, it seems that our Companies Bill 2013 had adopted most of it, but there are still room for improvement, for example, during the moratorium period, the court is given the power to dismiss the petition and considers that the judicial management order was presented frivolously, it may make such orders as it thinks just and equitable to redress any injustice that may have been caused, as provided under s 227B(9) of the Singaporean Companies Act. And this should be adopted by the Companies Bill 2013 as it able to avoid any injustice being caused. 2014 Thesis https://etd.uum.edu.my/4215/ https://etd.uum.edu.my/4215/1/s811809.pdf text eng public https://etd.uum.edu.my/4215/2/s811809_abstract.pdf text eng public masters masters Universiti Utara Malaysia Lee Mei Pheng and Ivan Jeron Detta, Business Law (Selangor Darul Ehsan: Oxford. Fajar Sdn. Bhd., 1999), p.509 Ashgar Ali Mohamed and Farheen Baig Sardar Baig, 'Insolvent Corporate Employer: Whether Workers‘ Claim Arising Out of Employment Adequately Protected?' Current Law Journal (2007) Singapore Companies Act (Cap 50 of the 1994 Revised Edition of the Singapore Statutes). Mohamad Illiayas, ―Schemes of arrangement under S.176 of the Companies Act 1965: The Criticalness Of Correct Classification Of Creditors And The Lot of Providers Of Islamic Credit,' Malaysia Law Journal Articles (1999) Hasani Mohd Ali, ―Rescue Operations For Financially Distressed Companies In Malaysia: Present Regime and Beyond,' The Law Review (2010). Companies Act 1965 (Revised 1973) Companies Bill 2013 Halsbury‘s Laws of Singapore – Company Law
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Abdul Rahman, Rohana
topic	K Law (General)
spellingShingle	K Law (General) Choo, Beng Soo The introduction of the judicial management scheme
description	This project paper will focus on one key question, viz. is it time to amend the Companies Act 1965 in order to welcome the judicial management scheme, as an another alternative to liquidation, other than the existing scheme of arrangement under s 176 of the Companies Act 1965? In order to answer this question, the existing scheme of arrangement provided under s 176 of the Act has to be examined and studied carefully. The objectives of this project paper are to identify the benefits and shortfalls of s 176 of the Companies Act 1965, i.e. scheme of arrangement as well as to examine the judicial management scheme that proposed by the Corporate Law Reform Committee and the Companies Bill 2013. It also involves comparative study with other jurisdiction namely with the Republic of Singapore and to suggest any necessary improvements or amendments on the current law. The study found that the despite the obvious lacking of s 176 of the Companies Act 1965, i.e. scheme of arrangement, the introduction of the Companies Bill 2013 did nothing much in improving it. Thus, it is important to introduce the judicial management scheme in Malaysia, as prima facie, it able to cure the issue of classification of creditors that long existed in the scheme of arrangement. Upon reviewing the judicial management provisions in the Republic of Singapore, it seems that our Companies Bill 2013 had adopted most of it, but there are still room for improvement, for example, during the moratorium period, the court is given the power to dismiss the petition and considers that the judicial management order was presented frivolously, it may make such orders as it thinks just and equitable to redress any injustice that may have been caused, as provided under s 227B(9) of the Singaporean Companies Act. And this should be adopted by the Companies Bill 2013 as it able to avoid any injustice being caused.
format	Thesis
qualification_name	masters
qualification_level	Master's degree
author	Choo, Beng Soo
author_facet	Choo, Beng Soo
author_sort	Choo, Beng Soo
title	The introduction of the judicial management scheme
title_short	The introduction of the judicial management scheme
title_full	The introduction of the judicial management scheme
title_fullStr	The introduction of the judicial management scheme
title_full_unstemmed	The introduction of the judicial management scheme
title_sort	introduction of the judicial management scheme
granting_institution	Universiti Utara Malaysia
granting_department	Ghazali Shafie Graduate School of Government
publishDate	2014
url	https://etd.uum.edu.my/4215/1/s811809.pdf https://etd.uum.edu.my/4215/2/s811809_abstract.pdf
_version_	1747827701306097664

The introduction of the judicial management scheme

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