Judicial Manager Corporate Voluntary Arrangement Debt Recovery
How will the Judicial Manager and Corporate Voluntary Arrangement affect the Recovery of your Million Dollars Debts as Unsecured Creditors
Seminar Programme Outline
1 Corporate Insolvency & Recovery as an Unsecured Creditors under the Companies Act 2016 regime
1.1 The New Solvency Test
1.2 Judicial Management
1.3 Corporate Voluntary Arrangement
1.4 Coming into force of the New Companies Act 2016
BEFORE THE NEW ACT COMING INTO FORCE
2 Options available to the Unsecured Creditors
2.1 I was told if we start a Companies Winding Up petition as an Unsecured Creditors, the bankers will get paid first?
2.2 Will show you how to get paid ahead of the Bankers.
3 Since the new Act is not in force yet what must the Unsecured Creditors do now?
3.1 Are my present winding up petitions affected?
3.2 Shall I start a Companies Winding Up Petition against my debtors before the New Companies Act 2016 comes into force?
3.3 If I commence a Companies Winding Up petition:
3.3.1 Do I need a Judgment?
3.3.2 Can I file a Companies winding up Petition by sending a statutory Notice only without getting a judgment?
AFTER COMING INTO FORCE
4 The Unsecured Creditors and the New Companies Winding Up laws
4.1 What is the threshold (the minimum amount of debt) to issue the Statutory Notice (formerly the 218 Notice)
4.2 Is the Solvency Test applicable to Companies Winding Up proceedings?
4.3 When is the commencement of Winding Up?
4.4 If the Unsecured Creditors should present a Petition is there Any Priority with respect to Costs incurred?
4.5 What is “Stay” and “Termination” of Winding Up
4.6 Directors in wound up companies can continue to hold office?
5 How does Corporate Voluntary Arrangement (CVA) work against the Unsecured Creditors
5.1 What is a CV A’s appointment of a nominee?
5.2 Who is a qualified insolvency practitioner (section 394 of the Act)
5.3 What is a moratorium period and how long will it last?
5.4 What can the creditors do during the Moratorium period?
5.5 Are the creditors entitled to vote in favour or against the CVA?
5.6 Can ALL companies apply for CVA?
A JUDICIAL MANAGER FOR COMPANIES IN THE RED
6 Under what circumstances can a Company apply for Judicial Management how will the Unsecured Creditors be affected?
6.1 Is being unable to pay its debts the only consideration?
6.2 What is preserving its business as a going concern.
6.3 Who is an insolvency practitioner
6.4 A judicial management order granted by the Court will remain in force for how long?
6.5 What actions cannot be taken against the Company during the judicial management?
6.6 Extension of the judicial management?
Bonus Chapter: If time permits
7 Something for Nothing? Getting out of the JVA Get out clause!
7.1 Joint Venture Agreements Get Out Clause and the Recent the Federal Court 2016 Decision
7.2 Interpretation of word “and” by the Court in section 223 Companies Act 1965 (new section 472)
7.3 What must you do to avoid this
8 We were involved in the winding up of a company,
8.1 The company was WRP ASIA PACIFIC SDN. BHD. (hereinafter “WRP”) one of the largest glove producers in the world;
8.2 An application was made to place WRP under Judicial Management;
8.3 One of the purposes of a Judicial Management Order is to prevent a Companies Winding Up Order;
8.4 We have successfully obtained leave (permission) from the High Court to proceed with our Companies Winding Up Petition, please click here to obtain a copy of the Grounds of Judgment with respect to the same, and please click here for a Court of Appeal order showing that the appeal was struck out with costs of RM5,000.00 (**for English translation of the said Court of Appeal Order, please refer to Pages 5 and 6).
Please click here for more information on the upcoming seminars to be presented on the above topics, organised by Legal Logic Asia, MIA, MAICSA and other organisers.