Biaxis (M) Sdn Bhd (Biaxis) applied for a judicial management order. Hilmy, male, aged 52, Malaysian, first joined Scomi in 2001 and has held various senior management positions within the company from Chief Financial Officer for Scomi Group Bhd, Chief of Group Support Services including Finance, Business Development, Legal & Secretarial, Human Resource/Administration & IT, and Head of Scomi Engineering Bhd. Section 405 (3) of CA 2016 What is Judicial Management? jan 24 (reuters) - scomi group bhd: * court granted orders for scomi engineering and scomi transit projects brazil (sao paulo) to be placed under judicial management * court … There is an ongoing judicial management matter where the judicial management order has been extended beyond the 12 months. DRILLIN G WASTE MANAGEMENT SOLUTIONS. HYFLUX has been placed under judicial management (JM) following the High Court's rule on Monday, putting an end to a more than two-year-long saga of debt moratorium.. Borrelli Walsh has been appointed interim judicial managers for the troubled water treatment company, and will take over its operations with immediate effect. Datuk Heng Ji Keng and Andrew Heng of Ferrier Hodgson MH Sdn Bhd were appointed as the Judicial Managers for the subsidiaries. Judicial management is a method of debt restructuring where an independent judicial manager is appointed to manage the affairs, business and property of a company under financial distress. SEI STANDARD WARRANTY & LIABILITY. Singapore. These creditors include Mizuho, Bangkok Bank, BNP Paribas, CTBC Bank, KfW, Korea Development Bank, and Standard Chartered Bank. announced that the High Court of Shah Alam had placed the Company's subsidiaries, Scomi Engineering Bhd and Scomi Transit Projects Brazil Sdn Bhd, under Judicial Management. Entitlement date: 16 Nov 2009. The Singapore high court has ordered water treatment firm Hyflux to be placed under judicial management, according to a stock exchange filing on Tuesday, after more than two years of the company unsuccessfully trying to restructure its debt. The judicial management application was filed by an unsecured working group (UWG) of bank lenders on 13 August. The Malaysian High Court recently delivered the very first grounds of judgement in relation to judicial management in Leadmont Development Sdn Bhd v Infra Segi Sdn Bhd & Another Case [2018] 10 CLJ 412.The provisions on judicial management which were introduced in Malaysia under the … A+. In the case where the liquidator is the Official Receiver, the nominee shall be an insolvency practitioner. On 1/24/2019, Scomi Group Bhd. Beleaguered Singapore-based water treatment firm Hyflux has reportedly been placed under judicial management order on Monday (16 November). Prior to the IRDA, the procedures for a Judicial Management were set out in Sections 227AA to 227X of the Companies Act (Cap. SEB, Scomi Rail Bhd and Scomi Transit Projects Brazil (Sao Paulo) Sdn Bhd have applied for a judicial management order, whereby the leave of the court will be required to enforce any charge on or security over the property of the affected companies and to commence or continue any legal proceedings against the affected companies. The … CAIRNS Holdings could be taken out of judicial management by end of this month when all payments due to the company’s creditors and former shareholders are expected to have been completed. KUALA LUMPUR: Scomi Group Bhd said the Shah Alam High Court has granted orders for two subsidiaries it wholly owns, Scomi Engineering Bhd (SEB) and Scomi Transit Projects Brazil (Sao Paulo) Sdn Bhd (STPB), to be placed under judicial management. The Singapore high court has ordered water treatment firm Hyflux to be placed under judicial management, according to a stock exchange filing … Datuk Heng Ji Keng and Andrew Heng from Ferrier Hodgson MH Sdn Bhd were appointed judicial managers for the companies, according to the … LIQUIDATION, JUDICIAL MANAGEMENT & SCHEME OF ARRANGEMENT – PROCEDURE & PRACTICE CHANTAN LLC 13 EXAMPLES WHERE COURT REFUSES TO CONVENE MEETING • Impossible to acquire the required statutory majority to approve the scheme Re Savoy Hotel Ltd [1981] Ch 351 • Company hopelessly insolvent Re Pheon Pty Ltd(1986) 11 ACLR 142 In Malaysia, it was thought that the maximum duration of a judicial management order is only six months plus one extension of six months. • August 4, 2020: Utico extends the deadline of its proposed rescue deal for Hyflux, this time by a month. Geraldine Goon examines the first reported decision in Malaysia on judicial management. Judicial Management, which was based on the English administration regime, was intended as a mechanism through which potentially viable companies could restructure their liabilities and rehabilitate themselves. Judicial management is meant to avoid the drastic remedy of winding up when a company is in financial difficulty due to mismanagement but there is a reasonable probability that under more careful controlled management it will surmount its difficulties. SCOMI DWM BROCHURE. The High Court decision of Re Biaxis (M) Sdn Bhd [2020] MLJU 1188 (grounds of judgment dated 12 August 2020) set stringent requirements for a company to successfully apply for judicial management.These requirements may set an unnecessarily high bar for a distressed company to meet. 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