This update is further more to the earlier High Court conclusion in Re Scomi Group Bhd which held that public shown companies can’t use for judicial management.
One more general public shown organization, Dolomite Company Berhad, has also failed in its judicial administration application.
On 8 March 2022, Dolomite declared that the Shah Alam Substantial Courtroom experienced dismissed its judicial administration application. Among the other folks, the Courtroom held that public detailed organizations are not permitted to use for judicial management pursuant to segment 403(b) of the Businesses Act 2016 i.e. staying a firm subject to the Capital Markets and Expert services Act 2007.
On 8 April 2022, Dolomite filed an appeal to the Courtroom of Attraction.
In the same way, Scomi Group Bhd’s charm versus the dismissal of its judicial administration software is also continuing before the Court of Attractiveness. The matter is fastened for ongoing listening to on 25 April 2022.
It appears to be like the Courtroom of Enchantment will rule on this challenge on regardless of whether general public outlined firms can be matter to a judicial management software or not.
In the meantime, Dolomite continues to be a PN17 enterprise, being a corporation beneath economic distress. Dolomite also continues to encounter a the winding up petition filed by Maybank Global Labuan Branch now fixed for hearing on 24 May possibly 2022.
The post Case Update: Additional Determination That Listed Businesses Are unable to Utilize for Judicial Administration appeared initially on The Malaysian Attorney.