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Companies Act 2016 : Understanding the Act, Changes and its Impact on Financial Institutions
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Companies Act 2016 : Understanding the Act, Changes and its Impact on Financial Institutions
  • Overview
  • Objectives & Outline
  • Methodology
  • Participant Profile
  • Trainer
  • Overview
    PROGRAMME DETAILS

    DATE

    26 June 2019

    TIME

    9:00 AM – 5:00 PM

    VENUE

    Asian Banking School
    8
    AICB
    CPD HOURS
    This programme will expose financial institutions to the different concepts and changes in dealing with sole proprietorship, partnership / limited liability partnership and companies. It is vital for financial institutions to understand the concepts of separate legal entity and its implications under the Companies Act.

    The Companies Act 1965 has been replaced by Companies Act 2016 with many changes to the principal legislation that governs the formation, operation, termination and regulations of companies in Malaysia. The amendments in Companies Act 2016 have far reaching implications that are set to significantly change the way companies operate in Malaysia.

    The programme is designed for financial institutions to assist them in gaining further insight into the changes and in preparing for these changes in discharging their duties, responsibilities and liabilities.
    LEARNING LEVEL
    Intermediate
    PROGRAMME FEE

    AICB MEMBER

    MYR

    1,100

    / PAX

    NON-MEMBER

    MYR

    1,400

    / PAX

  • Objectives & Outline
    LEARNING OBJECTIVES
    By the end of the programme, participants will be able to:
    • Recognise the different type of organisation, its characteristics and effects of its formation under various laws in Malaysia
    • Compare the concept of separate legal entity and its legal implications under Companies Act 2016
    • Identify changes to the Companies Act 2016 and raise the level of understanding on the key amendments towards new compliance and disclosure requirements

    PROGRAMME OUTLINE
    Sole Proprietorship, Partnership, Limited Liability Partnership and Company
    • Differences of the various types of business organisations in Malaysia
    • Understanding the advantage and disadvantages of these entities

    Corporations with separate legal personality and the effect on its formation
    • What is separate legal entity and which type of business organisations have separate legal entity after formation
    • Effect of formation of business organisation with separate legal entity 

    Newly introduced provisions in the Companies Act 2016:
    • Rationale behind the changes and its impact on financial institutions

    Incorporation of a company and matters related thereto
    • Simplified formation process
    • "Who" and "what" is required for the formation of a company
    • The requirement of appointment of company secretary waived at the time of formation of a company 

    Share Capital and Capital Maintenance
    • Introduction of no par value and authorised capital regime – share premium account and capital redemption account abolished
    • Introduction of solvency test and solvency statement
    • Alternative process for reduction of share capital
    • Relaxation on prohibition of financial assistance
    • Requirements for distribution of dividend 

    Corporate Governance and Shareholders' Rights
    • Understanding the single member and director regime
    • What are the enhancements of members' rights to promote the participation of a member
    • Definition of director, board and persons connected to director
    • Disqualification and removal of director
    • Dual capacity of director allowed
    • New duties of the Company Secretary
    • Audit exemption requirements 

    Corporate Insolvency and Corporate Rescue Mechanism
    • New prescribed sum for inability to pay debts
    • Definition of "commencement of winding up by court" and undue preference
    • Exempt disposition of property
    • Judicial management and corporate voluntary arrangement
  • Methodology

    Combination of lectures, case laws and case studies to ensure that participants derive the maximum learning benefits

  • Participant Profile
    All level of staff that need to know of the changes of the Companies Act 2016
  • Trainer

    Kwan Siew May

    Kwan Siew May was admitted as an Advocate & Solicitor of the High Court in Sabah and Sarawak and High Court of Malaya. She is currently a partner of Messrs Sheila Hussain Vijay & Partners, a law firm specialising in conventional and Islamic banking, conveyancing, anti-money laundering and counter terrorism financing, and corporate governance.

    She began her career with an international accounting firm and upon obtaining her law degree in 1996, became a practicing advocate and solicitor in both contentious and non-contentious matters prior to joining one of the top developers in Kuala Lumpur, heading its legal, company secretarial and sales administrative departments. Siew May also worked in a multinational company having core businesses in New Zealand and China as its legal counsel providing legal and administrative support to senior management. She also served as the company secretary for all board and general meetings.
    She has a Bachelor's degree in Law (LLB) from the International Islamic University and holds an Advanced Certification in AML / CFT (Distinction) from the Asian Institute of Chartered Bankers and International Compliance Association, in collaboration with the University of Manchester Business School. Siew May was also an award recipient of the Member of the Order of Kinabalu (Ahli Darjah Kinabalu) from the Government of Sabah.

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