On 31 August 2016, the Companies Bill 2015 together with the Interest Schemes Bill 2015 received Royal Assent. Both statutes have been gazetted as the Companies Act 2016 and the Interest Schemes Act 2016 respectively.
These legislation are not yet in force, but are expected to come into effect from 1 January 2017. According to chief executive officer of the Companies Commission of Malaysia (CCM), Datuk Zahrah Abd Wahab Fenner, implementation will be in stages and companies will see some changes in enforcement as early as the first quarter of next year.
In anticipation of this, companies will be well placed to review their existing practices and take legal advice on steps to ensure a smooth transition and to take advantage of opportunities under the new regime.
For our client alerts relating to the reforms under the new company law regime, please click on the following links:
This alert is for general information only and is not a substitute for legal advice.