Latest news with #Cross-BorderInsolvencyWorkingCommittee
New Straits Times
21-04-2025
- Business
- New Straits Times
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.
Free Malaysia Today
21-04-2025
- Business
- Free Malaysia Today
Cross-Border Insolvency Bill to be tabled in Parliament soon, says minister
Asean ministers have given positive feedback on the Cross-Border Insolvency Bill, according to Azalina Othman Said. (Facebook pic) PUTRAJAYA : The Cross-Border Insolvency Bill 2025, aimed at enabling the retrieval of overseas assets to clear the debts of bankrupts, will be tabled in Parliament soon, says law and institutional reform minister Azalina Othman Said. Azalina said the bill will be a priority in the upcoming parliamentary session, alongside several other key pieces of legislation, including the Legal Aid and Public Defence Bill, Whistleblower Protection (Amendment) Bill and the Mediation (Amendment) Bill 2025. 'This will prevent the overseas assets of bankrupt individuals from being left idle. They can be used to settle their debts to the creditors,' she told reporters at the ministry's Hari Raya Aidilfitri open house today. 'I have visited several Asean countries and met with their ministers. They have given me a very positive response on the issue of cross-border insolvency.' In February, Azalina announced the establishment of the Cross-Border Insolvency Working Committee to align the country's insolvency laws with international standards, Bernama reported. She said the committee would review the adoption of the United Nations Commission on International Trade Law Model Law on Cross-Border Insolvency and recommend a standalone act for cross-border insolvency in Malaysia. The report also noted that the model law would facilitate winding-up processes under the Companies Act 2016 when a company's assets and liabilities are in more than one country. On other legislative developments, Azalina said the Whistleblower Protection (Amendment) Bill aims to provide qualified witnesses with legal protection but disagreed with indefinite protection periods. She said any case related to a protected witness should be prioritised and resolved swiftly. 'The usual excuse for the witness to extend the protection period is 'the case is postponed'. But I disagree with that,' she said. Azalina added that the political financing bill and the proposal to limit the prime minister's service to two terms were still being studied. She said that while discussions with political party leaders had been positive, further studies are required before presenting a Cabinet paper on these matters. Azalina also addressed the call from Amnesty International for the abolition of the death penalty for drug-related offences, stating that a comprehensive study with all stakeholders is still needed. 'This issue also falls under the jurisdiction of the home ministry. We have a committee looking into alternative punishments for the offenders,' she said.
The Star
21-04-2025
- Business
- The Star
Cross-Border Insolvency Bill to be tabled soon, says Azalina
PUTRAJAYA: Local creditors of insolvent companies with assets within the Asean region may be able to recover their debts soon, says Datuk Seri Azalina Othman. The Minister in the Prime Minister's Department (Law and Institutional Reform) said that this is one of the measures proposed under the Cross-Border Insolvency Bill to be presented in Parliament this June. "With the Asean Law Forum to be held this August, I have also visited several Asean nations and met with their law and judicial ministers. "Their feedback has been very positive on cross-border insolvency," she told reporters during the Hari Raya Open House celebration here on Monday. (April 21). She emphasised the importance of securing commitment from Asean neighbours concerning issues related to the bankruptcy and insolvency of the affected companies. "This is to allow us to cooperate so that their assets will not be left idle and can be used to settle debts among creditors, and as such," she said. In February, Azalina and Domestic Trade and Cost of Living Minister, Datuk Armizan Mohd Ali issued a joint statement on the setting up of a Cross-Border Insolvency Working Committee to align the country's insolvency laws with international standards. Among the steps taken is the introduction of new laws to strengthen the cross-border insolvency management system, especially for assets that span multiple countries. The proposed law would also support corporate rehabilitation efforts for local companies undergoing corporate rescue mechanisms. It would also facilitate winding-up processes under the Companies Act 2016 when a company's assets and liabilities are in more than one country. The tabling of the Bill comes as Malaysia plans to adopt the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency.
