New Bill seeks to streamline handling of cross-border insolvency in Malaysian courts
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
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
3 minutes ago
- Malay Mail
Big Oil's big reckoning: Why energy companies must reinvent or fade — Ahmad Ibrahim
AUGUST 2 — The global energy business is at a crossroads. The old certainties that once kept oil and gas companies flush with profits are fast evaporating. Rising climate pressures, aggressive carbon targets, volatile oil prices, and the unstoppable march of renewable energy are rewriting the rules of the game. In Malaysia, this new reality has landed squarely at Petronas' doorstep. The national oil company recently announced substantial job cuts, joining a long list of global oil majors trimming operations to stay afloat. But here's the hard truth: job cuts alone won't save them. The problem isn't just about leaner operations — it's about an outdated business model in a world that's moving on. For decades, the business model was simple: extract, refine, sell. High demand and a few strategic geopolitical disruptions kept prices buoyant, while oil companies banked billions. Those days are over. With more than 140 countries pledging to reach net-zero emissions by mid-century, demand for fossil fuels is approaching a long, irreversible decline. Even the world's largest fund managers now factor sustainability risks into investment decisions, increasingly avoiding companies perceived as climate laggards. Covid-19 delivered a brutal wake-up call. Energy demand plummeted. Oil prices crashed. Petronas, like its global peers, was forced into difficult decisions. The recent job cuts are not isolated belt-tightening, but early symptoms of an industry forced to rethink its very reason for being. Sure, trimming overheads can shore up quarterly numbers. But it won't future-proof the business. Energy companies can no longer afford to think like fossil fuel producers; they must start behaving like integrated energy providers. The future belongs to companies that can offer clean, reliable, and affordable energy solutions — and that means going well beyond oil and gas. Some oil majors have already taken bold steps. BP is repositioning itself as an integrated energy company, investing heavily in renewables and electric vehicle charging networks. Total has rebranded as TotalEnergies, reflecting its diversified energy portfolio. Even ExxonMobil, once a vocal sceptic of climate risks, is now pumping money into carbon capture and low-carbon solutions. Despite the stand taken by President Trump, there is no stopping the transition away from fossil fuels. Petronas has made initial moves into solar energy and green hydrogen, but these efforts need to be scaled rapidly. The longer it waits, the harder the catch-up will be. Experts agree on five moves energy companies must make. To stay profitable — and relevant — energy companies need more than incremental tweaks. They need reinvention. The future is clean energy. Solar, wind, hydrogen, and energy storage are where the growth lies. Energy companies should aggressively diversify their portfolios before being left behind. The skills used in offshore drilling, mega-project management, and complex logistics are transferable. These companies can lead in offshore wind, large-scale hydrogen, and carbon capture projects. Industrial clients and governments increasingly demand integrated, low-carbon energy options. Packaging natural gas, renewables, and carbon offset services is a smart, future-ready play. Workforce transformation is key. The energy workforce must pivot from traditional oilfield roles to clean tech, digital energy systems, and smart grid management. Developing integrated energy parks, waste-to-energy systems, and rural electrification projects not only creates new revenue streams but also builds public trust and national resilience. The energy transition isn't a distant risk — it's here. And it's accelerating. The companies that survive won't be the ones clinging to the past but those bold enough to shape the future. For Petronas and its global peers, this is a defining moment. Reinvent, diversify, and lead the transition — or watch profitability, relevance, and public support steadily erode The choice is clear. The clock is ticking. Since oil and gas is essentially about mining. The closest option that Malaysia should consider is rare earth metals. The country is holding substantial deposits of this new critical metals group. Exploration studies have uncovered their presence in most of the states of the country. But extracting them requires technologies which must consider their environmental impacts. But processing them is not an issue since Malaysia has many years of world class experience at Lynas. Despite all those time-wasting baseless concerns, Lynas survived. A Petronas like model should be just right if Malaysia is to effectively harness the country's rare earths deposits. * Professor Datuk Dr Ahmad Ibrahim is affiliated with the Tan Sri Omar Centre for STI Policy Studies at UCSI University and is an associate fellow at the Ungku Aziz Centre for Development Studies, Universiti Malaya. He can be reached at [email protected] ** This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.
Malay Mail
33 minutes ago
- Malay Mail
US tariff cut, regional diplomacy signal Malaysia's return to global relevance under Anwar's leadership, says DAP sec-gen
KUALA LUMPUR, Aug 2 — Malaysia is carving out a more influential role for the country and for Asean on the world stage, DAP secretary-general Anthony Loke said today. He said the recent reduction of United States tariffs on Malaysian goods from 25 per cent to 19 per cent reflects how the country – and by extension, Asean, which it currently chairs – is regaining its footing globally under the leadership of Prime Minister Datuk Seri Anwar Ibrahim. 'We are working to position ourselves as a 'middle power' while opening new strategic space for Malaysia to rise and advance once again,' Loke said in a statement. He added that Malaysia remains competitive even though it maintains a higher trade surplus with the US compared to its regional peers. 'Our current tariff rate is now on par with other countries in the region,' he noted. The US lowered trade tariffs for Malaysia, Cambodia, Thailand, the Philippines, and Indonesia to 19 per cent on July 31, while Singapore retained its rate at 10 per cent, Brunei at 25 per cent, Laos and Myanmar at 40 per cent. The new rates come into force from August 7. Loke said Malaysia's leadership as this year's Asean chair has also helped the country regain international relevance. He said Putrajaya played a key role in facilitating peace talks between Thailand and Cambodia, and confirmed that Trump would attend the upcoming Asean Summit in Kuala Lumpur. This, Loke said, reflects growing confidence in Malaysia's leadership and diplomatic credibility. He credited Prime Minister Anwar's 'pragmatic, patient and constructive' approach for elevating Malaysia's position in regional security. Under the Madani government, he added, Malaysia has helped steer Asean into becoming a stronger and more cohesive bloc. Loke said Malaysia's diplomatic performance may not always make headlines, but the benefits are real — from easing trade tensions to fostering regional peace. 'The Madani government has not only delivered tangible economic benefits, but also elevated Malaysia's global standing,' he said.
Malay Mail
33 minutes ago
- Malay Mail
Made in Malaysia, taxed in America, sold back at triple the price: Here's how the US trade tariff could affect us
KUALA LUMPUR, Aug 2 — A new tariff imposed by the United States on most Malaysian exports could soon pinch Malaysian consumers, not just exporters, as goods caught in global supply chains boomerang back home at inflated prices. From rubber gloves to furniture, palm oil and solar panels, Malaysian-made products that are shipped to the US and later re-exported under global brands, could return with nearly triple the original price tag, economists warn. How does it work anyway? A rubber glove made in Klang costs RM1 at the factory. Once it enters the US, it's hit with the 19 per cent tariff, bumping the landed price to RM1.19. By the time it goes through importers, distributors and retailers, it could retail for RM2.49 in the US. But the cost hike doesn't stop there. If that same glove is repackaged or sold as part of a medical kit by a multinational and shipped back to Malaysia, the price might climb to RM2.89 – nearly three times what it originally cost. 'Theoretically, these products could come in and out several times from various countries as global supply chains are very complex,' Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid tol The New Straits Times in an article published yesterday. He said many Malaysian-made goods re-enter the country as part of branded global products, with costs stacked on at every step. Afzanizam indicated that semiconductors are possibly due to be spared due to special exemptions. What products are affected? According to The New Straits Times, five key sectors are likely to be affected by the US tariff, despite being revised down to 19 per cent from an initial 25 per cent. Gloves: Used worldwide in healthcare; made by companies like Top Glove Corp Bhd Furniture: Major Malaysian export to US retailers Solar panels: Manufactured here, often re-exported Machinery components: Integral to multinational supply chains Palm oil-based products: Common in foods, cosmetics, and industrial goods State of Malaysia-US trade The US has been Malaysia's third largest trade partner since 2015, according to data from the Malaysia External Trade Development Corporation. Last year, total trade went up almost 30 per cent to RM324.91 billion compared to 2023. Exports to the US also went up 23.2 per cent to a record RM198.65 billion in Electric and Electronic products (these include microchips, TVs, phones, refrigerators, air-conditioners, circuit boards, and switchboards), machinery, equipment, and parts as well as rubber products. Imports from the US went up by 42.1 per cent to RM126.26 billion last year. Three key imports of 2024 were E&E products; machinery, equipment, and parts; and chemicals and chemical products. Bottom line The 19 per cent US tariff isn't just a trade statistic; it's a global price hike in disguise as part of the global trade route that goes from Malaysia to the US and back to Malaysia at a cost you won't see coming.
