Why 65 is the 'new 60' for retirement
| Minister in the Prime Minister's Department (Law and Institutional Reform) Azalina Othman Said's recent proposal to raise Malaysia's retirement age to 65 is not merely a recommendation.
It is a vital and timely call to action that the National Union of Bank Employees (Nube) wholeheartedly supports.
Azalina's suggestion aligns perfectly with Nube's advocacy in our yet-to-be-negotiated 20th Collective Agreement, and we are ready to assist the minister in realising this crucial initiative.
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The Star
6 hours ago
- The Star
Making global companies pay up
PUTRAJAYA: A cross-border insolvency legal framework will ensure that Malaysia is equipped to handle insolvency cases involving multiple countries, says the government. The Legal Affairs Division (BHEUU) of the Prime Minister's Department said the Cross-Border Insolvency Bill 2025 aims to facilitate foreign access to Malaysian courts, recognise international proceedings and foster judicial cooperation. Once passed, companies with debts to be paid will not only have its local entity be liable, but its foreign branches too. The law would also apply to foreign companies in debt overseas but with branches in Malaysia. Currently, companies can claim they are unable to pay their debts, despite having assets and cash in other countries. The Bill was tabled for its first reading yesterday in the Dewan Rakyat by Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. BHEUU deputy director-general of the law reform section, Thiyagu Ganesan said that without a clear system, dealing with assets and creditors across borders can become messy, unfair and unpredictable. 'Most of the time, when disputes occur, companies would transfer their assets here and there. With such a law in place, business operators would know where to go to settle their disputes. 'Apart from allowing creditors to collect their dues, this law would also enable companies to preserve necessary assets to ensure continuity of businesses. 'In today's global economy, businesses often operate in many countries. This creates challenges when they face financial trouble. 'To ensure stability, to protect investors and handle business failures smoothly, a fair and efficient process is essential,' said Thiyagu. The Bill, however, explicitly excludes individual bankruptcies, limited liability partnerships, non-commercial government-related entities, and specific financial sector entities already governed by specialised regulations. 'There are safeguards for national interest assets, for example utilities or energy-related assets which may cause a shutdown of the country,' he added. Thiyagu, who is also the Chair of the Cross-Border Insolvency Reform Working Committee, said that MPs from both government and opposition parties have been briefed and consulted prior to the tabling of the Bill. He said that Malaysia felt the urgent need to reform its cross-border insolvency laws in line with international standards. It is also proof of Malaysia's intentions to prioritise ease of doing business. 'The Bill is a mirror of the United Nations Commission on International Trade Law Model Law on Cross-Border Insolvency. 'Historically, Malaysia's framework relied on Common Law, leading to inconsistencies that this comprehensive statutory framework will address. 'This internationally recognised framework provides a clear, predictable and fair process for handling insolvency cases involving multiple countries,' he added. Thiyagu said the Bill is expected to bring significant benefits, including enhanced legal certainty through consistent rules, stronger international cooperation between Malaysian and foreign courts and insolvency representatives. 'This will reinforce creditor protection (for both domestic and international parties) and boost investor confidence. 'The streamlined processes will minimise cost and do away with inconsistent multi-jurisdictional proceedings.' He said any conflicting provision shall be subject to prevailing Malaysian laws on corporate insolvency. He added the High Court will be the central authority for all cross-border insolvency matters. The High Court will also have discretion to reject recognition or relief if it conflicts with Malaysia's 'public policy', a flexible concept left undefined to adapt to evolving national interests, security or fundamental legal principles. 'High Court permission will be mandatory before Malaysian assets of an insolvent company can be transferred to foreign jurisdictions. 'The Court will also have the discretion to allocate a portion of these assets for local creditors, particularly small and medium enterprises, for claims below a yet-to-be-determined threshold, acknowledging their vital role in Malaysia's economy. 'While initially focused on corporate insolvency, the law is intended to expand to individual insolvency in a phased approach, if it is needed,' said Thiyagu. The Bill will undergo its second reading today.
The Star
a day ago
- The Star
Strong faith and wisdom a must for new Chief Justice, says his brother
KUALA TERENGGANU: It takes strong faith and wisdom to lead fairly and impartially, says the brother of newly sworn-in Chief Justice Datuk Wan Ahmad Farid Wan Salleh. "Allah, make him a Chief Justice who is firm, honest, and trustworthy, upholding the truth without fear or favour," prayed Datuk Wan Hisham Wan Salleh. "Guide his steps, bless his duties, and make his appointment a blessing for the country and its people," he said in a prayer shared on social media on Monday (July 28). At the ceremony held at Singgahsana Kecil, Istana Negara, Wan Ahmad Farid, 62, was sworn in as the 17th Chief Justice, succeeding Tun Tengku Maimun Tuan Mat who retired on July 2. Formerly a Court of Appeal Judge, Wan Ahmad Farid was also granted the Instrument of Appointment as a Federal Court Judge. The ceremony was attended by Prime Minister Datuk Seri Anwar Ibrahim, Deputy Prime Ministers Datuk Seri Dr Ahmad Zahid Hamidi and Datuk Seri Fadillah Yusof, and the Minister in the Prime Minister's Department (Law and Institutional Reform), Datuk Seri Azalina Othman Said.
Malay Mail
a day ago
- Malay Mail
New Bill seeks to streamline handling of cross-border insolvency in Malaysian courts
KUALA LUMPUR, July 28 — The Cross-Border Insolvency Bill 2025, aimed at establishing an effective mechanism for handling cross-border insolvency cases, was tabled for its first reading in the Dewan Rakyat today. Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said, when presenting it, said the bill's second reading will also take place during the present parliamentary session. According to the blue copy of the bill distributed in Parliament, the bill, which contains 35 clauses, aims to provide provisions, including access by foreign representatives and foreign creditors to courts, recognition of a foreign proceeding, granting of relief on recognition of a foreign proceeding, cooperation with foreign courts and foreign representatives, and coordination of concurrent proceedings. Clause 11 of the Cross-Border Insolvency Bill 2025 aims to provide for a foreign representative, authorised in either a foreign main or non-main proceeding, to apply to begin an insolvency proceeding under Malaysian insolvency law. It also provides for the right of a foreign representative, on recognition of foreign proceedings, to participate in proceedings regarding the debtor under Malaysian insolvency law. Meanwhile, Clause 22 seeks to protect creditors and other interested persons in the exercise of court powers under the proposed Act. Clause 23 provides for actions to prevent acts detrimental to creditors in the context of cross-border insolvency. On cooperation with foreign courts and foreign representatives, Clause 25 has a provision that the court shall cooperate with foreign courts or foreign representatives directly or through a Malaysian insolvency office bearer. Clause 29, involving the provision for concurrent proceedings, covers the coordination of an insolvency proceeding under Malaysian law and a foreign proceeding concurrently. — Bernama
