A version of this article first appeared in the May 2023 edition of "ThoughtLeaders4 FIRE (Fraud Insolvency Recovery Enforcement) Magazine,” Issue 13.

Introduction

Introduction

The Cross-Border Insolvency Bill 2025 ("Bill") passed its first reading on 28 July 2025 in the Dewan Rakyat. The Bill has since passed its second and third reading in the Dewan Rakyat on 29 July 2025. The legislation aims to align Malaysia with the UNCITRAL Model Law on Cross-Border Insolvency ("Model Law"), establishing a clear legal framework for managing multi-jurisdictional corporate insolvency cases.

Background and Legislative Intent

After a bankruptcy is declared, the director does not disappear from the picture. Although the trustee takes over the liquidation, the former director may be personally liable for the deficit in the estate or for damages suffered by individual creditors. This article clearly explains when liability is imminent and what measures you can take in advance.

Trustee versus director

Na het uitspreken van een faillissement verdwijnt de bestuurder niet uit beeld. Hoewel de curator de afwikkeling overneemt, kan de voormalige bestuurder persoonlijk opdraaien voor het tekort in de boedel of voor schade van individuele schuldeisers. Dit artikel zet helder uiteen wanneer aansprakelijkheid dreigt en welke maatregelen u vooraf kunt nemen.

Curator versus bestuurder

A recent Federal Court decision has provided some useful insights on how related party loans will be considered in an insolvency context, particularly in relation to unreasonable director-related claims against directors and their relatives. For insolvency practitioners it also provides insight into how the assignment of claims might effectively be used to mitigate litigation risks.

Introduction

For corporate groups considering an internal reorganisation, a restructure effected via section 413 of the Corporations Act 2001 (Cth) (Corporations Act) under a scheme of arrangement (Corporate Restructure Scheme) provides a flexible alternative to more orthodox approaches commonly adopted. As is well known, the Corporations Act enables a corporation to enter into a scheme of arrangement with its creditors or members (or any class of them). Schemes of arrangement are commonly used to implement agreed mergers, as an alternative to the comparatively rigid mechanism of a takeover bid.

はじめに

Written by- Thomas H. Curran, Thomas H. Curran Associates

How can businesses in your jurisdiction adopt AI and automation responsibly, and what guidance are you offering to ensure regulatory compliance?

Building on the successes of the first three conferences, the Insolvency Service held its "Forward Thinking" conference in April 2025. The organisers invited academics and practitioners to submit papers in advance. From the shortlist, the organisers selected a handful of the authors to present their papers at the conference.

The content of the papers, and the debate generated at the conference, will hopefully help the Insolvency Service in terms of selecting and crafting new legislative initiatives, going forward.

Highlights included:

Years after an insolvency proceeding is closed, can a solvent co-lessee/working interest participant (WIP) still be on the hook for their former partner’s share of unpaid Crown royalties? A recent Alberta Court of Appeal decision to allow an appeal in Spartan Delta Corp v Alberta (Energy and Minerals), 2025 ABCA 181 [Spartan Delta], raises concerns around whether the answer to such question can be 'yes'.