Insolvency & Restructuring
Our Insolvency & Restructuring team has a wide-ranging expertise in restructuring & insolvency matters and has more than 30 years of experience in this practice area.
Over the years, the team has represented clients in a wide range of restructuring & insolvency matters involving reorganisations, capital reduction, insolvent administrations, corporate & commercial malpractices and corporate disputes, takeovers & mergers disputes.
Corporate Insolvency and Insolvent Restructurings.
- The team is currently advising and representing Sapura Energy Berhad in its debt restructuring scheme. We have successfully obtained a restraining order and a convening order for their Scheme of Arrangement for an initial 3 months from March 2021 and an extension of these orders until March 2023.
- Another notable Scheme of Arrangement will be the Air Asia X’s debts restructuring where we represented Air Asia X in its debt restructuring to reconstitute its RM64.15 billion worth of debts into a principal amount of RM200 million. It is the first airline debt restructuring scheme in Malaysia due to the Covid-19 fallout. Air Asia X has successfully obtained Court’s sanction of its Scheme of Arrangement in 2021.
- The team also represented:
- Perisai Petroleum Teknologi Berhad on the restructuring of its debts of about RM1 billion commencing in 2017 and successfully completed in 2021.
- Megasteel Sdn. Bhd. on its successful debt restructuring of over RM4 billion.
Solvent Restructurings and Reorganisations
The team is currently advising and appearing as Counsel for several contributories in the solvent liquidation of Sin Hai Sdn. Bhd. worth over RM500 million and successfully arguing in favour of a distribution in specie of the assets and advising on cross claims against Sing Lian Sdn. Bhd.
The team is advising the Receiver and Manager of Sabah Forest Industries Sdn. Bhd. in Sabah on its restructuring commencing in 2017 worth about RM1.2 billion.
Corporate & Commercial Malpractices and Corporate Disputes
For corporate dispute, the team have successfully defended,amongst other:
- The major shareholder of EON Capital in an oppression petition filed by a minority shareholder which was heard at a trial in the High Court, and on appeal to the Court of Appeal and the Federal Court.
- Tan Sri Albert Cheng and Tan Sri William Cheng of Lion Group in an oppression petition filed by a debenture holder (Bank of Nova Scotia) in Lion DRI Sdn Bhd.
The team is also involved and advised the administrators of the estate of the late Tan Sri Jamaluddin Jarjis and appeared in Court pertaining to the dispute on the claims for a portion of various companies held by the administrators personally.
The team had also been appointed as Counsel to represent:
- various shareholders of Top Glove Corporation Berhad (one of the largest rubber glove manufacturers in Malaysia) in a shareholders’ dispute in the Court of Appeal in Malaysia and in the arbitration in Singapore.
- various shareholders of WRP Asia Pacific Sdn. Bhd. (one of the largest rubber glove manufacturers in Malaysia) in a shareholders’ dispute.