Cross-Border Insolvency Bill to be tabled in June to aid asset recovery abroad
KUALA LUMPUR: The Cross-Border Insolvency Bill is set to be tabled during the next parliamentary sitting in June, with the aim of facilitating the recovery of overseas assets to settle the debts of bankrupt individuals.
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
4 hours ago
- The Star
Indonesia's FM calls for stronger Asean mechanisms after Vision 2045 adoption
JAKARTA/MANILA (Bernama): Indonesia's Foreign Minister Sugiono has called for strengthening Asean's institutional mechanisms, including its diplomatic corps and central bodies, to effectively implement the Asean Community Vision 2045 adopted at last month's summit in Kuala Lumpur. At a meeting with the Committee of Permanent Representatives to Asean (CPR) and Timor-Leste's Ambassador to Asean at the Foreign Ministry here, he praised the progress achieved through Asean's cooperation frameworks, especially after the adoption of the Asean Community Vision (ACV) 2045. He said the long-term vision, adopted at the 46th Asean Summit in Kuala Lumpur last month, outlines a strategic roadmap for the next two decades, envisaging a resilient, innovative, dynamic and people-centred Asean. "We need to strengthen Asean mechanisms, including the CPR, and bolster the Asean Secretariat and Asean Headquarters in Jakarta to optimise our potential in addressing challenges within the region and globally,' he said. Sugiono also underscored the CPR's role in fostering community building, facilitating cross-pillar coordination, and engaging with Asean's external partners, as it is essential to achieving the goals of ACV. He further welcomed Timor-Leste's upcoming accession as Asean's eleventh member state later this year. - Bernama
New Straits Times
6 hours ago
- New Straits Times
Thailand, Cambodia reinforcing troops on disputed border after May skirmish
BANGKOK: Thailand has reinforced its military presence along a disputed border with Cambodia, following an increase in troops on the other side, Thailand's defence minister said on Saturday. Tensions between the two countries have been simmering since a Cambodian soldier was killed on May 28 in a brief conflict in an undemarcated border area. For days, the two governments have been exchanging carefully worded statements committing to dialogue. But Phumtham Wechayachai, who also serves as Thailand's deputy prime minister, said Cambodia had rejected proposals in bilateral talks held on Thursday that could have led to a de-escalation. "Furthermore, there has been a reinforcement of military presence, which has exacerbated tensions along the border," Phumtham said in a statement. "Consequently, the Royal Thai Government has deemed it necessary to implement additional measures and to reinforce our military posture accordingly." He did not provide details on the extent of reinforcements by either side. In a separate statement on Saturday, the Thai army said Cambodian soldiers and civilians had repeatedly made incursions into Thailand's territory. "These provocations, and the build-up of military forces, indicate a clear intent to use force," the Thai army said, adding that it would take control of all Thai checkpoints along the border with Cambodia. Although border checkpoints between the two countries remain open, they may gradually become more restrictive, ranging from earlier closing times to complete closures, depending on security assessments in each area, Thai army spokesperson Winthai Suvaree said. Thailand currently operates 17 official border crossings with Cambodia, spanning seven provinces along their shared 817km frontier, government data shows. A spokesperson for Cambodia's Foreign Ministry did not immediately respond to questions from Reuters on the Thai army's announcement. "This is our stance, not to initiate conflict, but to defend ourselves," Cambodian Prime Minister Hun Manet said in speech earlier on Saturday. "Our guiding principles are ... respect for international legal frameworks. These grounded strategies are key to safeguarding our nation's sovereignty," he said, adding that its armed forces were ready to defend against aggression. Thailand remains committed to pursuing bilateral dialogue as a means to restore stability, a spokesperson for the Ministry of Foreign Affairs said on Saturday. "The Thai side reaffirms its readiness to engage through established bilateral mechanisms, particularly the upcoming meeting of the Thailand-Cambodia Joint Boundary Commission (JBC), scheduled for June 14," Foreign Ministry spokesperson Nikorndej Balankura told reporters. "We sincerely hope that the negotiations will proceed in good faith," he added. The military reinforcements come despite efforts by Malaysian Prime Minister Anwar Ibrahim, who is the current chair of the Asean bloc, and China to reduce tensions. Thailand and Cambodia have for more than a century contested sovereignty at various undemarcated points along their 817km land border, which was first mapped by France in 1907 when Cambodia was its colony. Tension escalated in 2008 over an 11th-century Hindu temple, leading to skirmishes over several years and at least a dozen deaths, including during a week-long exchange of artillery in 2011. Current governments in both countries, however, have enjoyed warm ties. Former leaders Thaksin Shinawatra of Thailand and Cambodia's Hun Sen have had a close relationship, and Thaksin's daughter and Hun Sen's son are now the incumbent prime ministers of their countries. Still, nationalist sentiment has risen in Thailand and the Thai military said on Friday it is ready to launch a "high-level operation" to counter any violation of its sovereignty. Cambodia said this week it would refer disputes over four parts of the border to the International Court of Justice and asked Thailand to cooperate. Phumtham reiterated in his Saturday statement that Thailand does not recognise the jurisdiction of the court and proposed that all boundary-related issues be resolved through bilateral negotiations.
The Star
7 hours ago
- The Star
New Lao-Thai friendship bridge to enhance trade and connectivity, say top officials
Image from The Nation Thailand/Asia News Network VIENTIANE (Bernama-Xinhua): The fifth Lao-Thai Friendship Bridge, linking Bolikhamxay province in Laos to Thailand's northeastern province of Bueng Kan, is set to open in December 2025, enhancing regional and international connectivity while fostering trade, investment, tourism, and people-to-people exchanges between the two countries.. A concrete-pouring ceremony of the fifth Lao-Thai Friendship Bridge was held on Friday in Bolikhamxay province, attended by Lao Deputy Prime Minister Saleumxay Kommasith, Thai Deputy Prime Minister and Minister of Transport Suriya Jungrungreangkit, and officials from both countries. The project is an important part of Lao's sustainable growth plan and will help the country improve infrastructure and become better connected regionally and internationally, according to a Lao Economic Daily report on Saturday. The 1,350-metre bridge marks a major step in bilateral cooperation, with 98.4 per cent of construction on the Lao side and all approach roads and immigration facilities completed. The bridge is expected to cut travel time between the two provinces by up to three hours, boosting trade and tourism. Following earlier crossings that handle over 5 million vehicles annually, the new bridge is projected to start with 1,200 vehicles per day, increasing to 3,000 within five years. - Bernama-Xinhua
