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Malaysia – Companies (Amendment) Bill 2023 [Issue 2 of 3]

Companies (Amendment) Bill 2023 [Issue 2 of 3]

In this edition of our newsletter, we delve into the multi-phase consultation process leading to policy reform, structured as a four-stage progression. We also examine the policy clusters that aim to fortify corporate mechanisms, governance, and reporting standards, highlighting their status and developments. 

Policy Clusters under Companies (Amendment) Bill 2023 

  • Policy 1: Widening the application of corporate rescue mechanism [Corporate Voluntary Arrangement (CVA) and Judicial Management (JM)]
  • Policy 2: Strengthening the corporate rehabilitation frameworks through: (a) Enhancement of provisions relating to the scheme of arrangement or compromise (SOAC); and (b) Enhancement of provisions on CVA/JM and SOAC
  • Policy 3: Strengthening the beneficial ownership reporting framework; and
  • Policy 4: Enhancement of corporate governance & practices

Stay tune for the upcoming newsletter, we will share with you more on Companies (Amendment) Bill 2023.