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Revised Corporate Governance Code principle-based

The Revised Code for Corporate Governance issued by the Monetary Authority of Singapore for companies listed on the Singapore Exchange will apply to annual reports issued for financial years commencing Jan 1, 2019.

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Court orders winding-up of Stratech, appoints Liquidators from BDO

The court sanction came after Stratech failed to garner enough support from its creditors on proposed schemes of arrangement.
Date: 21 September 2018; Type: Legal News; Source: Singapore Law Watch

Cheo Ming Shen v Tiah Ewe Tiam

Contract - Breach

Date: 14 September 2018; Court: High Court; Citation: [2018] SGHC 199; Source: Singapore Law Watch

Justice Ministry holds Meeting on Reform of Asian Bankruptcy Laws

BANGKOK, Sept 17 (NNT) - Thailand's Ministry of Justice has held a meeting on reforming bankruptcy laws in Asia seeking to foster exchanges and enhancement of the work of those dealing with bankruptcy both domestically and abroad.
Date: 17 September 2018; Type: Legal News; Source: National News Bureau of Thailand

PT Bank Rakyat Indonesia (Persero) TBK v PT Perusahaan Hotel dan Pension Panghegar Disingkat PT Hotel Panghegar (Dalam Pailit) DKK

Date: 28 June 2018; Court: Supreme Court of Indonesia; Citation: SC No. 45 PK/Pdt.Sus-Pailit/2018; Source: Supreme Court of Indonesia

Redmax Sdn Bhd v PSI Incontrol Sdn Bhd

Corporate insolvency – Winding Up – Whether the debt disputed – Whether the respondent a creditor within the meaning of section 218(2) of the Companies Act – Whether the respondent entitled to present the winding up petition

Date: 07 September 2018; Court: Court of Appeal; Citation: [2018] MYCA 292; Source: Federal Court Registry

Landmark Ruling lets Trikomsel Unit Liquidators tap Commercial Claims Funder

In the first ruling of its kind, the High Court has made a declaration that gives the liquidators of two Trikomsel subsidiaries the green light to proceed with a commercial third-party funding arrangement.
Date: 12 September 2018; Type: Legal News; Source: Singapore Law Watch

TRA Mining (Malaysia) Sdn Bhd v Thien Hong Teck and 4 Others, and Another Appeal

Partnership – Whether a partner, who entered a partnership pursuant to an assignment can on the true construction of section 33 of the Partnership Act 1961 be deemed a partner for the purposes of ascertaining the number of partners under subsection 314(2) of the Companies Act 1965

Date: 08 August 2018; Court: Federal Court; Citation: [2018] MYFC 19; Source: Federal Court Registry

Sazean Engineering & Construction Sdn Bhd v Bumi Bersatu Resources Sdn Bhd

Corporate law – Effect of an undischarged bankrupt director on a company with only two directors on its Board of Directors – Section 127 of the Companies Act 1965

Date: 07 June 2018; Court: Court of Appeal; Citation: [2018] MYCA 213; Source: Federal Court Registry

Companies (Amendment) Act 2018

This Act seeks to amend Sections 131 and 210 of the Companies Act.
Date: 10 September 2018; Type: Federal Amendment Act; Citation: No. 31; Source: Singapore Statutes Online

Insolvency, Restructuring and Dissolution Bill

This Bill seeks to amend and consolidate the written laws relating to the making and approval of a compromise or an arrangement with the creditors of a company or an individual, receivership, corporate insolvency and winding up, individual insolvency and bankruptcy, and the public administration of insolvency, to provide for the regulation of ...
Date: 10 September 2018; Type: Federal Bill; Citation: Bill No. 32/2018; Source: Singapore Statutes Online

Variable Capital Companies Bill

This Bill seeks to create a regime for the incorporation and regulation of Variable Capital Companies (VCCs) which are investment funds that are constituted as bodies corporate. A VCC may be a single investment fund or an “umbrella VCC” comprising a number of sub-funds. The Bill applies the provisions of the Companies Act with modificat ...
Date: 10 September 2018; Type: Federal Bill; Citation: Bill No. 40/2018; Source: Singapore Statutes Online

Companies (Amendment) Act 2017 (Commencement) Notification 2018

This is to notify that Sections 2(b), 4(a), 9 to 12, 14(a), (b) and (d), 15 to 20 and 48 of the Companies (Amendment) Act 2017 come into operation on 31 August 2018.
Date: 30 August 2018; Type: Federal Subsidiary Legislation; Citation: No. S 510; Source: Singapore Statutes Online

Companies (Amendment) Act 2017 (Saving and Transitional) Regulations 2018

These Regulations come into operation on 31 August 2018.
Date: 30 August 2018; Type: Federal Subsidiary Legislation; Citation: No. S 517; Source: Singapore Statutes Online

Companies (Amendment) Regulations 2018

These Regulations come into operation on 31 August 2018.
Date: 30 August 2018; Type: Federal Subsidiary Legislation; Citation: No. S 511; Source: Singapore Statutes Online

Redmax Sdn Bhd v PSI Incontrol Sdn Bhd

Corporate insolvency – Winding Up – Whether the debt disputed – Whether the respondent a creditor within the meaning of section 218(2) of the Companies Act – Whether the respondent entitled to ...

TRA Mining (Malaysia) Sdn Bhd v Thien Hong Teck and 4 Others, and Another Appeal Sazean Engineering & Construction Sdn Bhd v Bumi Bersatu Resources Sdn Bhd Two Internet Companies, Directors Fined RM20 Million for Financial Crimes more

Company Admin Obligations to be simplified under the Law

When the Myanmar Companies Law is enforced come August 1, firms will no longer need to submit physical copies of original documents to the authorities as a digital online system will be used going forward,” said U ...

All Companies need to re-register starting from August 1 Listing Interest lackluster despite upcoming Law Draft Regulations of Companies Law released, go into effect in August more

Bill of the Act reducing the Cost of doing Business in Local Government Units

This Bill seeks to amend certain provisions in book II of the Local Government Code of 1991 in order to reduce the cost of doing business in Local Government Units (LGUs) by outlining clear guidelines in the setting of l ...

Bill of the Act to enhance Inter-LGU Cooperation DTI encourages Micro Enterprises to avail of Incentives under BMBE Law Shareholders' Approval on any Change/s in the Company's External Auditor more

Revised Corporate Governance Code principle-based

The Revised Code for Corporate Governance issued by the Monetary Authority of Singapore for companies listed on the Singapore Exchange will apply to annual reports issued for financial years commencin ...

Court orders winding-up of Stratech, appoints Liquidators from BDO Cheo Ming Shen v Tiah Ewe Tiam Landmark Ruling lets Trikomsel Unit Liquidators tap Commercial Claims Funder more

Justice Ministry holds Meeting on Reform of Asian Bankruptcy Laws

BANGKOK, Sept 17 (NNT) - Thailand's Ministry of Justice has held a meeting on reforming bankruptcy laws in Asia seeking to foster exchanges and enhancement of the work of those dealing with bankruptcy both domestically a ...

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INDUSTRY UPDATES

Indonesia hands over Chairmanship of ASEAN Committee to Thailand

Jakarta, Sept 25 (ANTARA News) - Indonesian Ambassador to Kuwait, Tatang Budie Utama Razak, handed over the chairmanship of ASEAN Committee in Kuwait (ACK) for the period of January-June 2018 to ACK Chairman of the next period, Ambassador of Thailand to Kuwait, Dusit Manapan, on Sept 19.

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NLA receives Support from Labor Groups for Enactment of New Labor Protection Law

BANGKOK, Sept 26 (NNT) - Representatives of various labor groups have expressed support for the National Legislative Assembly’s enactment of a new version of the Labor Protection Act.

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INDUSTRY UPDATES

House holds Marathon Budget Deliberations to meet October Deadline

MANILA, Sept 25 (PNA) - The House of Representatives is holding marathon deliberations - even extending the plenary session until the wee hours - on the proposed PHP3.757-trillion 2019 national budget to meet its approval deadline by October 12, Speaker Gloria Macapagal-Arroyo said on Tuesday.

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INDUSTRY UPDATES

DOJ awaits BI Comments, Records on Fox Deportation Case

MANILA, Sept 25 (PNA) - Justice Secretary Menardo Guevarra has asked the Bureau of Immigration (BI) to file a formal comment on the petition for review of the government's deportation order against Australian missionary nun Patricia Fox.

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INDUSTRY UPDATES

IPOPHL to roll out Green Lane for Trademark Applications

MANILA, Sept 25 (PNA) - The Intellectual Property Office of the Philippines (IPOPHL) is set to roll out a ‘green lane’ for trademark applications that will slash the average processing time for registration, which currently takes about eight months to be approved.

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INDUSTRY UPDATES

BSP warns Public against Frauds, Scams

LEGAZPI CITY, Sept 25 (PNA) - The Bangko Sentral ng Pilipinas (BSP) on Tuesday warned the public against frauds and scams, in the wake of the fast approaching holiday season.

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Corporate Income Tax cuts won't lead to Job Losses

MANILA, Sept 25 (PNA) - Finance Undersecretary Karl Chua said the removal of certain incentives under the proposed tax reform measure will not result in job losses.

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INDUSTRY UPDATES

Yangon Court allows Trial to resume in Celebrity Slaying

Yangon Region High Court decided on Monday to let the trial go ahead in the murder of Facebook celebrity Aung Ye Htwe and cancel the order by the district court to withdraw the case.

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Fundamental Freedoms must be aligned with International Standards - Dewan Rakyat Speaker

KUALA LUMPUR, Sept 25 (Bernama) - Parliamentarians have to ensure that the Federal Constitution and laws relating to freedom of expression, access to information and press freedom are in line with international human right standards, said Dewan Rakyat Speaker Datuk Mohamad Ariff Md Yusof.

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SME Mart to assist Entrepreneurs Market Products Overseas

SHAH ALAM, Sept 24 (Bernama) - SME Mart, an initiative introduced by Dewan Ekonomi Usahawan Malaysia (DEUM) will serve as a platform for Small and Medium Enterprise (SME) entrepreneurs to sell their products on both the local and international market.

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INDUSTRY UPDATES

SGX proposes New “trade at close” Session for Securities Market

Singapore Exchange (SGX) is seeking public feedback on the proposed introduction of a new trading session for the securities market, the “trade at close” (TAC), which will take place after the closing auction routine ends.

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INDUSTRY UPDATES

PHL Officials to brief UK Investors on Opportunities in Infra, Other Sectors

A Duterte Cabinet delegation led by Finance Secretary Carlos Dominguez III will embark on a three-day mission to London this week to brief British investors on the vast business opportunities in the country’s infrastructure, energy and tourism sectors and explore ways to expand economic cooperation between the Philippines and the United Kingdom.

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INDUSTRY UPDATES

DOF thanks House for Final OK of Corporate Tax Reform Bill

The Department of Finance (DOF) has thanked the House of Representatives for approving on third and final reading the bill seeking to lower the corporate income tax (CIT) and correct the convoluted incentives system for businesses, as it expressed optimism that the Senate would pass a similar measure soon enough to enable the people to reap the benefits of a fair, transparent and accountable tax system in the form of more investments and jobs.

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PH Ambassador to Bahrain participates in a Roundtable on International Labor Standards

MANAMA, Sept 24 - Philippine Ambassador to Bahrain Alfonso A. Ver participated in a roundtable discussion on various International Labor Organization’s (ILO) conventions on foreign workers with the ILO Direct Contact Mission to Bahrain on 18 September 2018.

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HK Business Seminar puts Spotlight on Investment Opportunities in PH

HONG KONG, Sept 24  - Top-level government officials reassured potential investors in Hong Kong that the Philippines under President Rodrigo Duterte is working “non-stop” to ensure that the necessary policies, fiscal measures and legal framework relating to ease of doing business and investments are in place.

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INDUSTRY UPDATES

MAS outlines Enforcement Approach to deter, detect and investigate Breaches of Rules and Regulations

Singapore, Sept 24 - The Monetary Authority of Singapore (MAS) has published an Enforcement monograph to provide greater clarity and transparency into how MAS deters, detects, investigates and takes action against breaches of the rules and regulations it administers. The monograph outlines how MAS’ Enforcement Department works together with the other financial sector oversight functions in MAS to uphold Singapore’s reputation as a clean and trusted financial centre.

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International Maritime Community re-affirms Co-operation in the Straits of Malacca and Singapore

More than 180 participants from around 80 maritime administrations and organisations, as well as embassies in Singapore, attended the 11th Co-operation Forum this morning, where they reaffirmed their commitment to strengthen cooperation in the Straits of Malacca and Singapore (SOMS).

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Chartered Accountant and Lawyer among those who joined Scheme as Proxy Decision-Makers

Lawyer Haryadi Hadi, 35, decided to be a professional deputy as he has wealthy clients who are single, childless or have strained ties with their loved ones and they cannot find anyone to be their proxy decision-makers should they become mentally incapacitated.

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