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Partner, Norhisham Abd Bahrin’s Talks on the New Companies Act

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Companies Act 2016 (Act 777) has yet to come into force. Many have speculated that this may happen in the first quarter of 2017. When it does, our 50 year old Companies Act 1965 (Act 125) will cease to exist. The entire legal landscape affecting our corporate players will change irrevocably. The major objective of the new Companies Act 2016 is to simplify the registration of new companies and facilitate the entry of our home-grown business people into the corporate world. Malaysian corporate citizens and entities will now have to prepare themselves to comply with a more demanding new legal regime.

As a result to that, our Partner of the Firm, Norhisham Abd Bahrin was invited to various programmes as well as speaking engagements to discuss on the new Companies Act 2016. Among the many well-known organisers for these programmes are, Malaysian Directors Academy (MINDA), Malaysia Debt Ventures Berhad (MDV), Weststar Aviation Services Sdn Bhd, Malaysian Institute of Accountants (MIA), Wolters Kluwer CCH Malaysia, MARA, KLBLI and many more.

Due to the immense changes, the attendees that sign up for these programmes vary from board members, company secretaries, accountants and even SMEs.

During the programme, the following upcoming changes to the Companies Act 1965, among others, have been highlighted by Norhisham:

  1. Single director and single shareholder regime for private companies
  2. No requirement to convene annual general meetings for private companies
  3. Constitutional documents
  4. Directors enhanced roles and responsibilities under the Solvency Statement
  5. Migration to no par value regime
  6. Capital reduction without the need for a court order
  7. Exceptions to the general prohibition on financial assistance
  8. Enhanced penalties
  9. Solvency tests for corporate transactions
  10. New corporate rescue mechanisms

Through these talks, attendees are invited to pose further questions to have a further understanding of the changes and effect to their business, respective organizations and stakeholders alike.