Amendment to the Limited Liability Companies Act coming next month

Nanta speaks during a press conference in Kuala Lumpur on May 17, 2022. – Bernama photo

KUALA LUMPUR (July 26): The amendment to the Limited Liability Companies Act 2012 is expected to be tabled in parliament no later than next month, Minister of Domestic Trade and Consumer Affairs (KPDNHEP) Datuk Seri Alexander has said Nanta Linggi.

He said the amendment which would provide a more comprehensive legal framework related to the rehabilitation of business entities also includes the introduction of provisions on the business rescue mechanism.

“This is in line with the government’s aspiration to accelerate the recovery of the country’s economy, as there is a need for a more comprehensive legal framework related to the rehabilitation of business entities to ensure businesses remain competitive.

“The amendment will also include the introduction of provisions on the business rescue mechanism, as LLPs run the risk of being wound up when they run into financial difficulties, even if the business is in fact still viable,” he said. he said while chairing the Malaysian Enterprise Commission. (SSM) National Conference (SSMNC) 2022 held virtually today.

Nanta said the conference, themed “Corporate Governance and Sustainability, Needed Now More Than Ever”, aimed to provide a platform to trigger action from corporate stakeholders to strengthen their governance practices. and sustainability in order to achieve long-term value and sustainable business growth.

“The theme is appropriate and resonates very well with the current priorities of the business sector, which are to reset and rebuild with greater resilience and better preparedness to face post-pandemic times.

“It means leveraging building pathways for long-term sustainability and inclusive growth. In an uncertain global economic climate, the need for corporate governance and sustainability has never been greater, which is why the theme was chosen by SSM,” he said.

The annual conference which entered its 11th year of organization recorded the participation of more than 2,400 delegates.

The two-day virtual conference will involve a carefully selected panel of experts with a wealth of expertise and experience in their respective fields discussing topics ranging from sustainability practices to the integration of good corporate governance. – Bernama