Major reforms to insolvency laws with the coming into effect of the Bankruptcy (Amendment) Act 2017
Pursuant to the gazette notification dated 3 October 2017, the new Bankruptcy (Amendment) Act 2017 came into force on 6 October 2017 bringing major reforms to insolvency laws in Malaysia.
Simultaneously, the following came into force on 6 October 2017:
- Insolvency Rules 2017 which sets out the procedure governing bankruptcy court proceedings as well as proceedings after the bankruptcy order.
- Insolvency (Voluntary Arrangement) Rules 2017 which sets out the procedures for voluntary arrangement as a pre-bankruptcy rescue mechanism.
- Insolvency (Fees) (Amendment) Rules 2017 and Insolvency (Cost) (Amendment) Rules 2017 which sets out amendments to the fees and costs under the Insolvency Act 1967.
For our Client Alert on the reforms under the Bankruptcy (Amendment) Act 2017, please click here.
If you have any questions or require any additional information, you may contact Ravichandran Sinnappah, Khoo Kay Ping or the ZICO Law partner you usually deal with.
This alert is for general information only and is not a substitute for legal advice.