Insolvency & Restructuring


The firm was named “Restructuring and Insolvency Law Firm of the Year, 2022 – Malaysia” by the Inhouse Community (a community of over 17,000 in-house legal and compliance professionals in Asia and the Middle East) in their annual survey.


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 creditors such as banks and other financial institutions, stakeholders of distressed companies and insolvency specialists on issues concerning corporate rescue, schemes of arrangement, judicial management, informal debt restructuring and liquidation.

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.

In this area of practice, resort to litigation is part of 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.

Over the past few years, the Insolvency & Restructuring team has been engaged to advise on the international ramifications of the insolvency of various companies. Our work in this regard includes arranging with foreign legal counsel for the liquidation/disposal of the companies’ assets which may include investments, franchises and intellectual property rights in different countries. We have also advised on the Malaysian law aspects of the disposal of foreign insolvent companies’ Malaysian assets.

When the airline industry was severely affected by the Covid-19 global pandemic, the firm was retained to represent creditors of AirAsia X Berhad in respect of its proposed Scheme of Arrangement pursuant to the Malaysian Companies Act 2016. The restructuring was completed in March 2022.

In another case, we also advised on the Malaysian law aspects of the debt restructuring Scheme of Arrangement of Malaysia Airlines and its related companies, which Scheme related to their operating and finance leases as well as associated aircraft and engine maintenance contracts. Our clients were the foreign creditors of the Malaysian applicants. 

This matter was significant as the application for the Scheme was made to the High Court in England, and not the High Court in Malaysia, under new English companies legislation relating to the implementation of a Scheme of Arrangement. It was the first case of a Malaysian corporate group applying to the English High Court under such new legislation. It was also the first instance that an airline has used the English courts to reduce its aircraft lease liabilities. The Scheme has been sanctioned by the English High Court and has been implemented.


Other than representing 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.


NSY Directory

Management Partner – Head of Dispute Resolution
(Member of the Firm’s Executive Committee)
+603-2632 9877

Partner – Dispute Resolution
+603-2632 9865

Partner – Corporate & Commercial
+603-2632 9882

Partner – Corporate & Commercial
(Member of the Firm’s Executive Committee)
+603-2632 9889

Partner – Corporate & Commercial
+603-2632 9891

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