In an effort to reduce the burden on companies which have been impacted by the COVID-19 pandemic, the Minister of Domestic Trade and Consumer Affairs has passed the Companies (Exemption) Order (No.2) 2020 as temporary measures for financially distressed companies. These temporary measures, as discussed in our previous article, includes the extension of a period of 6 months for companies to respond to a statutory demand before winding up proceedings can be initiated against them.
In the last article (see: “Where There’s A Will There’s A Way”), we discussed about the benefits of having a Will. We also talked about how the assets of the deceased are distributed in the event he or she dies intestate.
Over the years, numerous platforms have been created on the internet for people to share and publish their works including but not limited to songs, videos and photographs. With these platforms and the internet, new opportunities and professions such as “Youtuber”, “Streamer”, “Instagrammer” and “Internet Influencer” have emerged in the market.
As the COVID-19 crisis continues to take its toll on the economy, many companies that are facing financial difficulties have been exposed to the risk of insolvency. In the current climate, there is no doubt that struggling companies would have to resort to some form of corporate restructuring in order to avoid being liquidated. The Companies Act 2016 (“CA 2016”) provides two option of corporate rescue mechanism to rehabilitate the businesses of distressed companies.
One of the most important things that one could do during his or her lifetime is to avoid leaving a mess behind when they passed on. It is essential for a person to have a Will to ensure his or her estate is well taken care of.
The COVID-19 pandemic has impacted many businesses, resulting in people suffering from job losses or pay cuts whereby their income has been completely stopped or significantly reduced. In turn, this would undoubtedly affect a divorced or separated spouse’s ability to meet their spousal and/or child maintenance obligation as ordered by the Court.
The construction industry is likely to be affected since the implementation of the Movement Control Order (“MCO”) by the Malaysian Government starting from 18 March 2020. The MCO would affect among others, the timely completion and delivery of vacant possession by the housing developers pursuant to the sale and purchase agreement (“SPA”).
The current COVID-19 pandemic has been challenging for many parents, especially for those divorced with children. Since the Movement Control Order (“MCO”) came into force on 18 March 2020, the daily routines of families have been drastically affected.
Malaysia has entered the third phase of the Movement Control Order (MCO) which has been imposed by the government since 18 March 2020. During this period, most Malaysians are ‘locked’ up at home and busily updating themselves with latest news through the world wide web and social media platforms.
On 10 April 2020, the Minister of Domestic Trade and Consumer Affairs announced in a press statement that Companies Commission of Malaysia (“SSM”) will be increasing the current indebtedness threshold from RM10,000 to RM50,000 until 31 December 2020, to reduce potential actions to wind up companies.