On 1 April 2024, the Companies Commission of Malaysia issued the Guidelines for the Adjudication of Proof of Debts under section 369B of the Companies Act 2016 (“the Guidelines”).

Introduction

This article examines the High Court's decision in AirAsia X Berhad v BOC Aviation Limited (Originating Summons WA-24NCC-467-10/2020).

Summary

Key Contacts:

“What is clear is that the selection of creditors for the class composition cannot be arbitrary or capricious. If there is evidence of a calculated and dishonest move to remove or to place certain creditors in certain class with the purpose of ensuring that the class is constituted in such a way that certain creditors would not be able to vote or that their votes would be rendered ineffective, this will be considered as class manipulation or gerrymandering.”

per Judicial Commissioner Ong Chee Kwan.