Covid-19: Should Malaysia adopt Specific Law?

There are various winding up procedures to which a Maltese-registered company may be subjected in terms of Maltese law. Amongst the said modes of action is what is known as the members’ voluntary winding up. This refers to the solvent voluntary liquidation of a company and specifically necessitates that the company in questionwill be able to pay off its debts in full within a period not exceeding12 months from the proposed date of dissolution.

General

The novel coronavirus has brought about many unforeseen circumstances which have unfortunately led many businesses to end in difficult financial situations. According to the Maltese Companies Act (Cap. 386 of the Laws of Malta), a company which is presently unable to pay its debts, or is very likely that it will be unable to pay its debts in the near future, has the possibility to either dissolve and consequently wind-up the company or recover the company.

Earlier this year, both the lower and upper houses of Malaysia’s parliament, passed the Companies Bill 2015 (“theBill”) which will harmonise Malaysia's insolvency laws and bring them more in line with modern international standards. Once the Bill comes into effect (it is currently awaiting Royal Assent), it will replace Malaysia’s existing Companies Act 1965.

According to the Federal Constitution (Article 17) and the international trades subscribed by the Mexican government, one of the most sacred human rights that exist nowadays is the right of “access to justice”, which can be translated into several specific rights, including that any jurisdictional authority (id est Court or Tribunal) must provide to all the particulars with an efficient resort to solve their claims effectively.

Eugenio Sepúlveda, Galicia Abogados

This is an extract from the second edition of the Guide to Corporate Crisis Management- published by Latin Lawyer. The whole publication is available here.

Year in Review - United Arab Emirates Law in 2016

Both the COVID-19 pandemic and the measures taken by governments have led to unprecedented legal questions that require immediate attention and solutions. These are challenging times. We have therefore prepared the following overview of some of the pertinent legal questions and the answers to consider, in the hope they provide useful preliminary guidance.

As the outbreak of COVID-19 continues to develop, unprecedented issues are affecting the private equity industry. We have identified certain challenges both on a fund and portfolio company level, and measures that will be implemented by the Dutch government that can help you and your portfolio companies to survive the COVID-19 crisis.

Would you like to view the most important topics, measures and tips we have selected and our dedicated private equity team? Read the pdf-file below.

In general, creditors in Montenegro may secure their claims by various types of security over debtors’ assets, such as pledge (zaloga), mortgage (hipoteka), suretyship (jemstvo), bills of exchange (menica), etc.