The NEW Companies Act 2016 (Act 777)

27 Apr, 2017, Seri Pacific Hotel

Register Now
PDF Brochure

IPA Training is Registered with

Learn from the Best

Prof Dato’ Salleh Buang was formerly with the Attorney-General’s Chambers Kuala Lumpur before he left in 1975 for legal practice, the corporate sector and finally academia. Until early 2013, he was a Visiting Professor at the Land Administration Department, Faculty of Geoinformation Science & Real Estate, UTM, Skudai, Johor. He became a full-time consultant on property issues in 1990.

 

A prolific author (of more than 30 books and monographs on various legal issues), he now writes regularly for his column in the New Straits Times, Berita Harian, and Utusan Malaysia.

 

Apart from conducting seminars, workshops and courses on various legal issues, his services and expertise have been frequently sought after by public sector agencies as well as private sector in Malaysia and Brunei.

 

He is currently a member of the Board of Trustees of the Kuala Lumpur Foundation to Criminalize War (KLFCW). He is resident in Alor Setar, Kedah.

Venue Details

Seri Pacific Hotel
Jalan Putra, 50350 Kuala Lumpur,
Phone : 03 4042 5555
Fax : 03 4043 8717

Click For Hotel Location

Contact us

Juliany,
03 2283 6109
juliany@ipa.com.my

Phoebe,
03 2283 6100
phoebe@ipa.com.my 

FOR CUSTOMISED IN-HOUSE TRAINING
Jane,
03 2283 6101
Jane@ipa.com.my

ADDRESS 
A-28-5, 28th Floor, Menara UOA Bangsar, 
No.5, Jalan Bangsar Utama 1, 
59000 Kuala Lumpur
www.ipa.com.my

FOCUSING ON
  • Session One: Why A New Legal Regime Is Necessary
  • Session Two: Easier Way Of Doing Business
  • Session Three: Strengthening Corporate Governance
  • Session Four: Solvency & Sanctions
OVERVIEW

The NEW Companies Act 2016 (Act 777), passed by the Parliament on 28 April 2016, has finally come into force on 31 January 2017, repealing the Companies Act 1965. A new Companies Regulations 2017 has also come into effect on the same date.

 

The new law is expected to have a major beneficial impact on the business community. The corporate vehicle will become more attractive, certain aspects of the corporate process will be deregulated, the cost of doing business will be reduced, compliance will be simplified and there will be more flexibility in managing the corporate affair. Internal control and corporate governance will be enhanced.

 

The new law will bring about many changes, including the manner a new private company comes into being, its shareholding, its constitution, authorized capital, the AGM, and passing of resolutions. The new law has provisions for heavier penalties for misbehaving directors (including a longer prison term) and new corporate rescue mechanisms for financially-distressed companies.

WHO SHOULD ATTEND?
  • Chief Executive Officers
  • Chief Financial Officers
  • Accountants
  • Finance Managers
  • Operational Managers
  • Business Development Managers
  • Company Secretaries
  • Secretarial Assistants
  • Company Administrators
  • Company Directors
  • Sole Proprietors
  • Business Partners
  • Entrepreneurs
  • Advocates & Solicitors
  • Academicians
  • Corporate Governance Practitioners
 
HERE IS WHAT YOU WILL LEARN
9:00 SESSION ONE: WHY A NEW LEGAL REGIME IS NECESSARY
  • Introductory background
  • Review & recommendations of CLRC
  • Overview of Act 777
  • Formation of companies – new procedures under the new Companies Regulations 2017
  • Doctrine of constructive notice
10:45 SESSION TWO: EASIER WAY OF DOING BUSINESS
  • Incorporating a new private company – no more M&A; adopting a Constitution
  • Migration to No Par Value
  • Migration to single shareholding / single directorship
  • Simpler procedure for resolutions of private companies
  • Company is like a natural person – no more ultra vires issues
  • Meetings and resolutions
  • No more company seal – executing a contract
  • No more AGM for private companies
  • No more unanimity rule for private companies
1:00 Lunch

2:00 SESSION THREE: STRENGTHENING CORPORATE GOVERNANCE
  • Role and duties of directors – increased sanctions for default
  • Board of Directors’ powers, functions
  • Fiduciary duties, duties of skill and care
  • Business judgment rule
  • Protection of minority shareholders – statutory remedies
  • Directors’ remuneration, protection from legal proceedings, service contract
  • Shadow directors
3:45 SESSION FOUR: SOLVENCY & SANCTIONS
  • Share capital – capital reduction
  • Dividend distribution – solvency test, responsibility of management
  • Corporate rescue mechanisms for distressed companies
    -- Voluntary arrangement process
    -- Judicial management
  • Safeguards to protect third parties – the new “solvency” test
  • Easing restriction on financial assistance
  • Company charges
  • Sanctions for default – criminal, civil.
5:00 End of course