Bill adopting UN model law on cross-border insolvency tabled
Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said tabled the bill, which adopts the main principles of the 1997 United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency.
Its preamble states that the bill is intended to protect the interests of creditors, debtors and relevant parties while preserving and maximising the value of the debtor's assets.
It also seeks to facilitate the rescue of financially distressed businesses to safeguard investments and preserve jobs.
However, the bill does not apply to the insolvency or bankruptcy of individuals under the Insolvency Act 1967, limited liability partnerships (LLPs) and foreign LLPs under the LLP Act 2012, among others.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
5 hours ago
- Free Malaysia Today
PAS leaders may have broken laws with cow, bull analogy, says minister
Law and institutional reform minister Azalina Othman Said said the PAS leaders may have breached several provisions in the Penal Code with their remarks. PETALING JAYA : Law and institutional reform minister Azalina Othman Said said PAS leaders may have broken several laws by comparing women leaders to animals and citing the Quran in defending the analogy. In a post on X, Azalina said the PAS leaders may have breached several provisions, namely Sections 509, 504 and 298A of the Penal Code. The three sections deal with insulting the modesty of a person, intentional insult to provoke a breach of the peace, and actions that cause disharmony, respectively. She did not name the leaders, but uploaded two articles which identified Maran PAS Youth information chief Salman Al Farisi and party deputy president Tuan Ibrahim Tuan Man. 'To whom it may concern: if you are still comparing women leaders to animals in 2025, congrats! 'Do better, or lawyer up,' she said, in an apparent sarcastic jab at Salman and Tuan Ibrahim, who had defended the youth leader. Azalina also said those who incorporated religion into their argument could be committing an offence under Section 507B of the Penal Code that deals with insulting words. On Monday, Malaysiakini reported Salman as comparing men to bulls, and women to cows when emphasising the importance of men in leadership roles, based on his experience in livestock farming. Salman had claimed that a cow would usually lead the herd, while bulls serve to protect the herd. He said society should, therefore, avoid elevating women to leadership positions, and that men should assume leadership roles in accordance with Quranic teachings. Earlier today, Tuan Ibrahim defended Salman, saying such analogies were used in literary works and not meant to degrade women. 'In Islamic literature in the past, there are works such as 'Kalilah wa Dimnah', which are filled with analogies and stories about animals, used to convey teachings and moral values,' he was quoted as saying. He said he saw nothing sexist about Salman's remark.
Borneo Post
10 hours ago
- Borneo Post
Madius proposes new national councils for economic coordination
Madius KUALA LUMPUR (Aug 6): Tuaran Member of Parliament Datuk Seri Panglima Wilfred Madius Tangau has urged the Federal Government to promptly fulfil Sabah's constitutional right to 40 per cent of net revenue collected from the state, while also calling for the establishment of three new national councils to strengthen coordination in critical economic sectors. Debating the 13th Malaysia Plan (13MP) in the Dewan Rakyat on Wednesday, Madius stressed that the long-overdue revenue entitlement must be honoured in accordance with Article 112C and the Tenth Schedule of the Federal Constitution. 'Negotiations were already concluded in 1963 during the formation of Malaysia. As the generation entrusted with the legacy of the Malaysia Agreement 1963, we must now implement what was agreed. Why the delay?' he questioned. The UPKO Honorary President emphasised that this was not a new demand, but a constitutional right that remains unfulfilled, further warning that Sabahans must no longer be made to bear the brunt of poverty due to the continued failure to implement what is lawfully theirs. He noted that more than 80 per cent of the nation's RM1.3 trillion debt has been spent in Peninsular Malaysia, while Sabah, which contributes substantially to national revenue, continues to receive a disproportionate share of allocations. 'This disparity hampers Sabah's ability to develop key sectors such as agriculture, fisheries, livestock and basic infrastructure,' he said. 'If Sabah were given back the 40 per cent revenue as stated in the Constitution, we wouldn't have to keep begging for federal funds to build roads, hospitals, or develop our industries,' Madius added. He also cautioned that Malaysia's aspiration to become the world's 30th largest economy would remain a dream if the constitutional rights of Sabah continue to be sidelined. 'If Sabah prospers, Malaysia prospers. But if Sabah's rights continue to be denied, it is not only unjust, it also undermines the very foundation upon which Malaysia was formed. 'What we need is not more negotiations, but the political will to implement what is already enshrined in the Constitution, the highest law of the land,' he said. In the same debate, Madius also called for the immediate establishment of three national bodies – the National Agriculture Council, the National Fisheries Council and the National Livestock Council – to enhance coordination and policy coherence between the federal and state governments. He said the creation of these councils is crucial to align legislation, strategy, budgets and programme implementation, particularly in light of Sabah's autonomy in these sectors as guaranteed by the Federal Constitution and the spirit of the Malaysia Agreement 1963. 'The aim is to close the development gap between regions, especially for Sabah, which has immense potential but remains left behind due to poor policy alignment and lack of federal support,' he stated. Citing examples, Madius said Sabah, despite being the largest fish producer in Malaysia contributing 25 per cent to national output, has only one fish landing facility built using state funds. 'In contrast, there are 42 such facilities in Peninsular Malaysia, five in Sarawak and one in Labuan, all developed by federal agencies such as the Malaysian Fisheries Development Authority (LKIM). Just imagine Sabah's potential if we received the proper budgetary support,' he remarked. In the livestock sector, Sabah has already achieved self-sufficiency in eggs and fresh milk but remains low in ruminant meat production. 'With vast and suitable land resources, Sabah could increase output significantly if strategic support and adequate funding are provided,' he said. Touching on agriculture, he noted that rice production in Sabah continues to lag due to inadequate irrigation systems, outdated drainage infrastructure, and a lack of processing facilities, all contributing to lower productivity compared to the Peninsula. Madius further reminded the Dewan Rakyat that the proposal to establish these three national councils had been included in Pakatan Harapan's 15th General Election manifesto, and urged the government to now honour that commitment. 'This is the right time for the government to act on this promise, to ensure national food security and promote equitable prosperity for all regions,' he said.
Daily Express
11 hours ago
- Daily Express
No need for new talks, just political will to implement MA63: Madius
Published on: Wednesday, August 06, 2025 Published on: Wed, Aug 06, 2025 Text Size: KUALA LUMPUR: Tuaran MP Datuk Seri Wilfred Madius Tangau ( pic ) has urged the Federal Government to implement the 40 per cent revenue entitlement due to Sabah under Article 112C and the Tenth Schedule of the Federal Constitution without further delay. He reiterated the call while debating the 13th Malaysia Plan (13MP) in the Dewan Rakyat on Wednesday. Advertisement Madius questioned why the agreed financial rights under the Malaysia Agreement 1963 (MA63) remain unfulfilled despite being constitutionally guaranteed. The Upko Honorary President said Sabahans should not continue to suffer from underdevelopment and poverty due to the failure to deliver the promised revenue returns. He pointed out that more than 80 per cent of the country's RM1.3 trillion debt has been spent in Peninsular Malaysia, while resource-rich Sabah remains inadequately funded. The former Sabah Deputy Chief Minister stressed that Sabah could independently fund basic infrastructure and economic development if it received its rightful 40 per cent share. Advertisement He also questioned the status of proposed 12MP projects and the Royal Commission of Inquiry (RCI) report on undocumented migrants in Sabah, which he said still lacked clear updates. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
