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Theories of Corporate Insolvency: A Philosophical Analysis of the Corporate Rescue Mechanisms Under the Companies Act 2016

This paper aims to provide an examination of the theories that underpin corporate insolvency as developed in the US and the UK, and apply that to the two novel corporate rescue mechanisms; the corporate voluntary arrangement and judicial management, which are embedded in the Companies Act 2016 (CA 2...

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Main Authors: Chen, Thim Wai, Azmi, Ruzita, Abdul Rahman, Rohana
Format: Article
Language:English
Published: UUM Press 2021
Subjects:
K Law (General)
Online Access:https://repo.uum.edu.my/id/eprint/28830/1/UUMJLS%2012%2002%202021%20167-202.pdf
https://doi.org/10.32890/uumjls2021.12.2.8
https://repo.uum.edu.my/id/eprint/28830/
https://e-journal.uum.edu.my/index.php/uumjls/article/view/15594
https://doi.org/10.32890/uumjls2021.12.2.8
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spelling my.uum.repo.288302023-05-21T14:48:40Z https://repo.uum.edu.my/id/eprint/28830/ Theories of Corporate Insolvency: A Philosophical Analysis of the Corporate Rescue Mechanisms Under the Companies Act 2016 Chen, Thim Wai Azmi, Ruzita Abdul Rahman, Rohana K Law (General) This paper aims to provide an examination of the theories that underpin corporate insolvency as developed in the US and the UK, and apply that to the two novel corporate rescue mechanisms; the corporate voluntary arrangement and judicial management, which are embedded in the Companies Act 2016 (CA 2016) of Malaysia. This paper adopted a doctrinal and theoretical approach to law. The tension in the corporate rescue mechanisms in the CA 2016 between creditors and other stakeholders of a company affected the objectives on corporate insolvency in Malaysia. This paper identified the theories that are reflected in the corporate rescue mechanisms in the CA 2016– a gap within the provisions which was left out in the process that ranged from consultancy and leading up to the drafting of the CA 2016. In addition, the objectives of introducing the corporate rescue mechanisms were identified. These findings may pave the way to reform the corporate rescue law in order to enhance its conformity with the objectives of corporate rescue in Malaysia. This in turn would facilitate the recovery of financially distressed companies and the minimisation of the loss of employment. UUM Press 2021 Article PeerReviewed application/pdf en cc4_by https://repo.uum.edu.my/id/eprint/28830/1/UUMJLS%2012%2002%202021%20167-202.pdf Chen, Thim Wai and Azmi, Ruzita and Abdul Rahman, Rohana (2021) Theories of Corporate Insolvency: A Philosophical Analysis of the Corporate Rescue Mechanisms Under the Companies Act 2016. UUM Journal of Legal Studies (UUMJLS), 12 (02). pp. 167-202. ISSN 2229-984X https://e-journal.uum.edu.my/index.php/uumjls/article/view/15594 https://doi.org/10.32890/uumjls2021.12.2.8 https://doi.org/10.32890/uumjls2021.12.2.8
institution Universiti Utara Malaysia
building UUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Utara Malaysia
content_source UUM Institutional Repository
url_provider http://repo.uum.edu.my/
language English
topic K Law (General)
spellingShingle K Law (General)
Chen, Thim Wai
Azmi, Ruzita
Abdul Rahman, Rohana
Theories of Corporate Insolvency: A Philosophical Analysis of the Corporate Rescue Mechanisms Under the Companies Act 2016
description This paper aims to provide an examination of the theories that underpin corporate insolvency as developed in the US and the UK, and apply that to the two novel corporate rescue mechanisms; the corporate voluntary arrangement and judicial management, which are embedded in the Companies Act 2016 (CA 2016) of Malaysia. This paper adopted a doctrinal and theoretical approach to law. The tension in the corporate rescue mechanisms in the CA 2016 between creditors and other stakeholders of a company affected the objectives on corporate insolvency in Malaysia. This paper identified the theories that are reflected in the corporate rescue mechanisms in the CA 2016– a gap within the provisions which was left out in the process that ranged from consultancy and leading up to the drafting of the CA 2016. In addition, the objectives of introducing the corporate rescue mechanisms were identified. These findings may pave the way to reform the corporate rescue law in order to enhance its conformity with the objectives of corporate rescue in Malaysia. This in turn would facilitate the recovery of financially distressed companies and the minimisation of the loss of employment.
format Article
author Chen, Thim Wai
Azmi, Ruzita
Abdul Rahman, Rohana
author_facet Chen, Thim Wai
Azmi, Ruzita
Abdul Rahman, Rohana
author_sort Chen, Thim Wai
title Theories of Corporate Insolvency: A Philosophical Analysis of the Corporate Rescue Mechanisms Under the Companies Act 2016
title_short Theories of Corporate Insolvency: A Philosophical Analysis of the Corporate Rescue Mechanisms Under the Companies Act 2016
title_full Theories of Corporate Insolvency: A Philosophical Analysis of the Corporate Rescue Mechanisms Under the Companies Act 2016
title_fullStr Theories of Corporate Insolvency: A Philosophical Analysis of the Corporate Rescue Mechanisms Under the Companies Act 2016
title_full_unstemmed Theories of Corporate Insolvency: A Philosophical Analysis of the Corporate Rescue Mechanisms Under the Companies Act 2016
title_sort theories of corporate insolvency: a philosophical analysis of the corporate rescue mechanisms under the companies act 2016
publisher UUM Press
publishDate 2021
url https://repo.uum.edu.my/id/eprint/28830/1/UUMJLS%2012%2002%202021%20167-202.pdf
https://doi.org/10.32890/uumjls2021.12.2.8
https://repo.uum.edu.my/id/eprint/28830/
https://e-journal.uum.edu.my/index.php/uumjls/article/view/15594
https://doi.org/10.32890/uumjls2021.12.2.8
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score 13.211869

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