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Further Decision That Listed Companies Cannot Apply for Judicial Management

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This update is additional to the previously Large Courtroom conclusion in Re Scomi Group Bhd which held that public listed providers are unable to utilize for judicial management.

A different public shown organization, Dolomite Company Berhad, has also failed in its judicial administration software.

On 8 March 2022, Dolomite introduced that the Shah Alam Higher Court docket had dismissed its judicial administration software. Between other people, the Courtroom held that public mentioned organizations are not permitted to apply for judicial management pursuant to area 403(b) of the Businesses Act 2016 i.e. getting a company subject to the Funds Markets and Solutions Act 2007.

On 8 April 2022, Dolomite filed an attractiveness to the Court docket of Appeal.

Likewise, Scomi Group Bhd’s attraction from the dismissal of its judicial management software is also continuing just before the Courtroom of Attractiveness. The make a difference is fastened for continued listening to on 25 April 2022.

It appears to be like the Courtroom of Attractiveness will rule on this difficulty on no matter whether general public mentioned companies can be subject matter to a judicial administration application or not.

In the meantime, Dolomite remains a PN17 organization, getting a firm beneath money distress. Dolomite also proceeds to deal with a the winding up petition submitted by Maybank Intercontinental Labuan Branch now set for listening to on 24 May perhaps 2022.