May 27, 2024

Law

World's finest Law

Further Decision That Listed Companies Cannot Apply for Judicial Management

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This update is even more to the earlier Significant Court choice in Re Scomi Team Bhd which held that general public detailed companies are not able to use for judicial administration.

Another general public outlined firm, Dolomite Company Berhad, has also unsuccessful in its judicial management software.

On 8 March 2022, Dolomite announced that the Shah Alam Higher Court docket experienced dismissed its judicial administration application. Amongst others, the Courtroom held that community stated businesses are not authorized to utilize for judicial administration pursuant to section 403(b) of the Organizations Act 2016 i.e. staying a firm issue to the Capital Marketplaces and Solutions Act 2007.

On 8 April 2022, Dolomite submitted an enchantment to the Court docket of Charm.

In the same way, Scomi Team Bhd’s attraction towards the dismissal of its judicial management application is also continuing right before the Court docket of Charm. The issue is set for ongoing hearing on 25 April 2022.

It seems to be like the Court docket of Attraction will rule on this issue on no matter whether community outlined businesses can be subject matter to a judicial administration software or not.

In the meantime, Dolomite remains a PN17 enterprise, becoming a corporation underneath fiscal distress. Dolomite also continues to face a the winding up petition filed by Maybank Intercontinental Labuan Branch now fixed for hearing on 24 May well 2022.

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