COVID-19: Malaysia stays ahead of the curve with temporary winding-up protection for companies
On April 10, 2020, the Companies Commission of Malaysia firstly increased of the prescribed amount for the statutory demand to RM50,000. This debt threshold is not particularly high, especially for larger businesses. I do not expect this increased amount to make a significant difference for companies in debt.
Secondly, there was an amendment of the 21-day period in the CA 2016. The minister has substituted this for a six-month period. So, a debtor company now has a six-month window before there is an actual filing of the winding-up petition.
13 April, 2020
