June 16, 2024

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Further Decision That Listed Companies Cannot Apply for Judicial Management

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This update is further more to the before Substantial Court docket final decision in Re Scomi Group Bhd which held that public shown businesses are unable to apply for judicial administration.

A further public stated corporation, Dolomite Company Berhad, has also failed in its judicial management software.

On 8 March 2022, Dolomite introduced that the Shah Alam High Courtroom experienced dismissed its judicial management software. Between others, the Court held that public listed companies are not authorized to use for judicial management pursuant to section 403(b) of the Companies Act 2016 i.e. becoming a organization subject matter to the Funds Markets and Providers Act 2007.

On 8 April 2022, Dolomite filed an appeal to the Court docket of Attraction.

Likewise, Scomi Group Bhd’s appeal versus the dismissal of its judicial administration software is also continuing just before the Courtroom of Enchantment. The make any difference is fastened for ongoing hearing on 25 April 2022.

It looks like the Courtroom of Appeal will rule on this situation on irrespective of whether public outlined companies can be subject to a judicial administration software or not.

In the meantime, Dolomite continues to be a PN17 business, becoming a organization underneath monetary distress. Dolomite also proceeds to deal with a the winding up petition submitted by Maybank Intercontinental Labuan Branch now preset for listening to on 24 May 2022.

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