Insolvency & Restructuring
The ﬁrm’s insolvency and restructuring practice began as an oﬀshoot of the banking and ﬁnance practice, arising from cases of ﬁnancially distressed corporate borrowers defaulting on their loan obligations.
Today, we draw on years of experience in acting for banks and other ﬁnancial institutions, lessors, owners, hirers, landlords, trade creditors, developers and many others on a range of insolvency related matters.
Frequently, we are called upon to act for receivers and liquidators in respect of disputes between and amongst creditors and contributories, arising from proposed disposals of high value assets, where we may encounter issues such as undue/fraudulent preference, priority claims to land and other assets, asset dissipation, schemes to defraud creditors, minority oppression and breach of ﬁduciary duty.
At the same time, we have also acted for debtor companies in their debt restructuring exercises.
In this area of practice, resort to litigation is the norm and we often appear before the courts on urgent applications for, amongst others, prohibitory and mandatory orders to freeze, preserve and trace assets.
The nature of the work in this area has enabled us to build up a wealth of experience in working with forensics experts and private investigators to uncover or recover data and information which may assist in tracking, locating and discovering assets.
More recently, the team has been engaging clients and insolvency practitioners through a variety of focused advisory services, talks, clinics and work-shops dealing with the legislative changes brought about by the Insolvency Act 1967, Insolvency Rules 2017 and the coming into force on 1st March 2018 of Division 8 Part III of the Companies Act 2016 which allows financially distressed companies in Malaysia to avail themselves of the new corporate rescue mechanisms provided for under the Companies Act 2016.
Other than representing the local and foreign ﬁnancial institutions in various capacities as standalone or syndicate lenders, security agents or trustees, the ﬁrm also represents liquidators, receivers and other insolvency specialists from the larger accounting ﬁrms and practices. We also take instructions from ﬁnancial consultants and other recovery turnaround specialists when acting in respect of restructuring exercises.