Regional news: Malaysia

Malaysia’s Federal Court agrees to determine long-debated scheme of arrangement issues

Malaysia’s apex court will hear whether local judges can “embark on a dissection” of a scheme of arrangement’s “relative commercial merits”, after allowing a subsidiary of a Singapore-listed property group to appeal the rejection of its own scheme earlier this year.

18 July 2022

Liquidators of BVI funds linked to 1MDB win recognition in Florida

The joint liquidators of three 1MDB-linked British Virgin Islands funds have secured recognition of their appointments in Miami, pledging to obtain discovery in the US to help with their recovery efforts.

18 May 2022

Cayman court rules on when a beneficial owner can pursue winding up

A Cayman court has issued its reasons for permitting the 1MDB-linked beneficial owner of shares in a local investment vehicle, to convert the vehicle's voluntary liquidation into a court-supervised winding up, where proceedings to vindicate share rights can normally only be brought by a registered shareholder under Cayman law.

03 May 2022

Kroll managing director appointed to Malaysian energy company's board

Malaysia's Sapura Energy has appointed a senior member of Kroll’s restructuring team to its board after receiving the green light to convene meetings for creditors to vote on a scheme of arrangement.

20 April 2022

Pinsent Masons and Crowell & Moring advise on latest TM Lewin rescue

Less than two years after collapsing into administration and shutting all its UK stores, British menswear retailer TM Lewin has been bought out of administration again – this time by a Malaysia-based lender.

12 April 2022

BVI funds linked to 1MDB fraud seek recognition in Miami

The joint liquidators of three British Virgin Islands funds that were allegedly part of a huge fraud perpetrated against Malaysian sovereign wealth fund 1MDB have sought recognition in Miami to further their investigations.

11 April 2022

Pacific Andes wins Ch11 plan confirmations

Two groups of companies that sit within industrial fishing conglomerate Pacific Andes have secured Chapter 11 plan confirmations in New York, after agreeing to remove third-party releases.

17 February 2022

Malaysian court sanctions trio of schemes for construction group

A Malaysian court has sanctioned three schemes of arrangement for construction group Top Builders, throwing out arguments from objecting creditors over class composition and intercompany creditors’ votes.

18 January 2022

Offshore marine operator Ezion Holdings to wind down

Singapore-listed offshore marine operator Ezion Holdings says it plans to enter liquidation after an investment from a Malaysian energy infrastructure company fell through and it failed to complete a US$1.6 billion restructuring.

07 January 2022

AirAsia X wins scheme approval in Malaysia

Malaysia’s budget flag carrier AirAsia X has secured court approval of its scheme of arrangement, which will see unsecured creditors take a haircut of more than 99%.

17 December 2021

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