This update is additional to the previously Large Court choice in Re Scomi Group Bhd which held that community stated corporations are not able to use for judicial management.
A different public outlined business, Dolomite Company Berhad, has also unsuccessful in its judicial management software.
On 8 March 2022, Dolomite introduced that the Shah Alam Superior Court docket had dismissed its judicial administration software. Among the many others, the Court docket held that community mentioned corporations are not authorized to implement for judicial administration pursuant to segment 403(b) of the Companies Act 2016 i.e. getting a company issue to the Cash Marketplaces and Services Act 2007.
On 8 April 2022, Dolomite filed an attractiveness to the Courtroom of Attractiveness.
Equally, Scomi Group Bhd’s appeal against the dismissal of its judicial management software is also continuing ahead of the Court docket of Attraction. The subject is preset for ongoing listening to on 25 April 2022.
It looks like the Court docket of Charm will rule on this concern on irrespective of whether general public detailed businesses can be subject matter to a judicial administration software or not.
In the meantime, Dolomite remains a PN17 business, remaining a company beneath economical distress. Dolomite also proceeds to encounter a the winding up petition filed by Maybank International Labuan Department now mounted for listening to on 24 May possibly 2022.