June 19, 2024

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Case Update: Court of Appeal Rules Against Scomi Group Judicial Management Appeal

Now, the Court docket of Attraction dismissed Scomi Group Bhd&#8217s charm against the Substantial Court docket conclusion dismissing its judicial administration application.

As set out previously, the Large Court docket experienced dominated on two details when dismissing the judicial administration application of Scomi Group Bhd, being a listed enterprise.

1st, the Large Court docket ruled that a outlined company could not use for judicial administration. The Significant Court dominated that a listed corporation would fall within the exclusion in segment 403(b) of the CA 2016: &#8220a company which is issue to the Money Markets and Providers Act 2007&#8220.

Second, in this scenario, a secured creditor experienced exercised its suitable of veto in part 409 of the CA 2016 to object to the judicial administration application. Scomi Group Bhd argued that the veto experienced to be interpreted narrowly and where by the phrase &#8220secured creditor&#8221 had to however be examine collectively with, in essence, a secured creditor who could appoint &#8220a receiver or receiver and manager referred to in subparagraph 408(1)(b)(ii)&#8220.

Subsequent to the Higher Court conclusion, Scomi Team Bhd experienced acquired a Courtroom of Charm interim preservation purchase to in essence revive the judicial management moratorium.

With these days&#8217s decision, the Court of Enchantment, in its quick oral opinions, verified equally results of the Superior Courtroom. In certain, this appellate choice confirms that a shown organization are not able to use for judicial administration. There are no published grounds of judgment nevertheless. I will update this post with a more time case commentary at the time the penned grounds are issued.

The Court docket of Charm final decision also suggests that the interim preservation get protecting Scomi Team Bhd would have now fallen away.

 

The post Case Update: Court of Enchantment Procedures Against Scomi Group Judicial Management Appeal appeared initially on The Malaysian Attorney.