A proof of debt in the context of judicial management is a document submitted by a creditor to substantiate the debts owed to it by the company under judicial management (“The Company”). The term “creditor” has been defined by the Court to include all persons having any monetary claims against the Company.1 Proof of debt
One of the cardinal rules in corporate law is that a company is a separate entity from its members and/or officer. Hence, a director who merely acting as an agent of the company could not be made personally liable for the acts of the company unless there are express provisions in the agreement or documents
Judicial Management is a new corporate rescue mechanism introduced by the Companies Act 2016. As the law in the Malaysian context of judicial management is in its infant stage, there have been conflicting decisions of the Courts when it comes to the rights of unsecured creditors to intervene and oppose the making of an order
The global pandemic has left the economy in a dire situation. According to the statistic from the Entrepreneurship Development and Cooperatives Ministry, there were 32,469 small-medium enterprises (SMEs) have been wound up from March to November 2020. Besides, a survey conducted in November 2020 by the SME Association of Malaysia revealed that 19% or
