Cross-Border Insolvency Bill to be tabled in June to aid asset recovery abroad
Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said that the proposed legislation was part of Malaysia's broader initiative to enhance cooperation with Asean countries in managing insolvency cases involving cross-border assets.
"I have visited several Asean countries and held discussions with their law ministers, who have responded positively to the issue of insolvency. This law will help ensure that assets in bankruptcy cases are not left unresolved due to jurisdictional limitations," she said.
She added that the bill would be a key priority in the upcoming parliamentary session, alongside other significant legislative proposals, including the Legal Aid and Public Defence Bill, the Whistleblower Protection (Amendment) Bill, and the Mediation (Amendment) Bill 2025.
In February, Bernama reported that the government had formed a Cross-Border Insolvency Working Committee to align Malaysia's insolvency laws with international standards.
Azalina said that the committee would review the adoption of the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency and advise on introducing a standalone act to govern cross-border insolvency matters in Malaysia.
"The adoption of the model will strengthen the framework for managing cross-border insolvency, particularly with regard to assets held in multiple jurisdictions.
"The proposed legislation will also support corporate rehabilitation efforts for local companies undergoing restructuring or corporate rescue," she said in a statement.
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