The Companies Act 2016 (Act 777) has finally come into force on 31st January 2017, save for a few provisions. The Act aims to spur entrepreneurship, deregulate aspects of the corporate process and introduce the concept of corporate rescue mechanism for ailing companies. This session will offer information and insights into the Act that would change the whole landscape of current company laws and practices where new procedures and documentations will be used, whilst maintaining the corporate form and officers of the company. Though certain simplifications on corporate administration have been introduced, the legal and governance aspects of corporation continue to be high.
Types of Companies, Single Board Member & Shareholder Structure
• The different formation procedures and documentation
• Easier incorporation of private companies
• Changes under the Companies Act 2016
Share Capital and Maintenance
• Abolishment of the Par Value Regime
• Introduction of the Solvency Test and issuance of Solvency Statement by Directors
• New financial assistance 10% relaxation ;
• Alternative procedures for capital reduction;
• Refinement of Share Buy-Back regime;
Fiduciary Obligations, Duties & Responsibilities of Directors
• Director’s duties and responsibilities remain the same as in the current law
• The Act clarifies certain statutory responsibilities on some aspects of corporate governance requirements into law
Dividend Distribution & Procedures of Meetings & Proxies
• Changes to distribution of dividend under the Act
• New steps and procedures with regard to the conduct of board and company meetings
• New relaxations for proxies
Judicial Management
• Should companies rehabilitate or wind up?
• What is Judicial Management, Application and Procedure;
• Protection of interests of creditors and members
Schemes of Arrangement
• Current challenges to a Scheme of Arrangement;
• Proposed Changes to the Scheme of Arrangement;
• Judicial Management or Scheme of Arrangement?
Winding up and striking Off the Register
• Overview of compulsory and voluntary winding up.
• The upcoming changes to the winding up laws. Post-winding up challenges.
• Cross-border insolvency issues.
• The changes to the striking off the register
Corporate Voluntary Arrangement (CVA)
• A new corporate rescue mechanism
• Key features of the CVA
• Appointment of nominee Moratorium period
• Meetings of members and creditors in a CVA
Receivership
• Codification of appointment of receivers
• Codification of the powers of receivers
• Interaction between receivers and liquidators
Capital Reduction
• Court process
• The new solvency statement route stages in this
Duration
RM 1500
Special Rates Apply for BAC Students & Alumni
