scheme of arrangement malaysia

The Bermuda Scheme of Arrangement A Bermuda scheme of arrangement is a court-approved compromise or arrangement between a company and its creditors (or classes lenders or debenture holders). The duty of the director of the company is essential in the making of this arrangement, even before the application i.e. A scheme can be used to effect a wide range of corporate restructures. 1.07 When any person is in doubt as to whether a proposed course of action or conduct is in accordance with these Rules and the Code, such person or adviser shouldhis No deed of arrangement valid except under section 18 or 26 unless registered 21. The only formal corporate rescue process currently available in Malaysia is the scheme of arrangement under section 176 of the Companies Act 1965. 19663-P) (A Participating Organisation of Bursa Malaysia Securities Berhad) You may appoint a proxy or proxies to attend and vote on your behalf. On the other hand, a restrainin… Transfers of all or a specified proportion of each shareholder’s securities to a bidder, cancellations of existing securities or issues of new securities to a bidder such as effecting a change of control/ merger or amalgamation of companies. The duty of the director of the company is essential in the making of this arrangement, even before the application i.e. KUALA LUMPUR (Dec 2): The proposed scheme of arrangement between Prestariang Bhd’s unit Prestariang Skin Sdn Bhd (PSkin) and its creditors has received the High Court’s approval. KUALA LUMPUR (Dec 2): The proposed scheme of arrangement between Prestariang Bhd’s unit Prestariang Skin Sdn Bhd (PSkin) and its creditors has received the High Court’s approval.The sanction was granted by Judicial Commissioner Liza Chan Sow Keng during an e-review hearing today. 2 See separate summary of Bermuda’s ‘light-touch’ provisional liquidation procedure, available here. These creditors had opposed the scheme of arrangement. Scheme of Arrangement. This paper examines the process and effects of SOA. What goes through your mind when the term (in relation to a company) “scheme of arrangement” or SOA is brought up? All Right Reserved. Section 176(8) provides the duties of director to instruct the accountants or advocate or both to make a report and to be send to the director. Malaysia and a secondary listing in Malaysia, the SC may consider disapplying these ... scheme of arrangement or scheme . Business/asset acquisitions A buyer can also purchase the business and assets of a company. a scheme of arrangement.2The use of a scheme of arrangement to effect a takeover has gained popularity in Malaysia; it is also seen as an easier route to acquire control as compared to the traditional takeover bid which is Under Section 366 of the Companies Act 2016, the Court may order for a meeting of the company to be convened for the purposes of proposing a ‘scheme of arrangement’ (“SOA”), which is essentially a plan for how the company is going to pay off its outstanding debts.. Improvements to the scheme of arrangement procedure. Section 366 and Section 368 of the Companies Act 2016 are statutory mechanism that provides relief for Companies to propose a compromise with its creditors and to strike a compromise in lieu of facing immediate doom of being wound up. 19663-P) (A Participating Organisation of Bursa Malaysia Securities Berhad) You may appoint a proxy or proxies to attend and vote on your behalf. The SafeTravel Pass is a mandatory document for in-bound travellers for short-term essential business and official travel from Malaysia to Singapore via the Singapore-Malaysia RGL. So the acceptance of the scheme always is in the hands of creditors as the creditors are given the right to exercise their vote in favour or against. There is no irony here, given that companies do from time to time reconstruct themselves in line with changes of … Bookmark the permalink. Section 366 (1), Companies Act 2016.3. Schemes of arrangement are not exclusively intended for insolvent companies and are widely utilised by solvent entities. The keys steps and procedure of any application pursuant to Section 366 and Section 368 Companies Act 2016 are as follows; The Company either on its own accord or via the appointment of a scheme advisor tasked to evaluate the company financial position and thereby formulate a proposal that would provide a proposal which would deal with the outstanding debts of the company. the proposed scheme. A scheme of arrangement is a useful tool as it provides for a statutory form by which affected creditors and/or members may agree to a scheme which, if approved by the court, will bind dissenting creditors and/or members. Allows the company to be restructured (for the betterment of the company) with the consent of the majority of the parties that have an interest in the company. Hence the creditors who would have received the Explanatory Statement well in advance and would be well briefed on the proposed scheme and thereafter during the meeting are given the right to vote. Sorry, your blog cannot share posts by email. means a transaction to acquire control, or consolidate voting rights, or voting power, howsoever effected including by way of a Author, Malaysia chapter, Getting the Deal Through: Restructuring and Insolvency 2018, 2017 and 2016. It can be tailored to novel or complex corporate structures or be used for major group reconstructions. An approved scheme is binding on all including shareholders. Effect of composition or scheme 20. It is more necessary when it affects only a certain class of creditors and without such statutory protection to allow presentation of the scheme to the creditors then it would just ultimately lead to an exercise of futility if winding up actions are aggressively pursued against the company by the certain class of creditors. Allowing companies to avoid consequences of entering insolvency/ allows companies to continue trading without having the fear of being threatened or harassed by its creditors. It is a compromise between the members of the company and the company itself- allowing all parties (to a certain extent) to walk away with something in hand. Amongst the world of distressed companies in Malaysia, the more pertinent inclusion was the introduction of the two corporate rescue mechanisms, namely, corporate voluntary arrangement (CVA) and judicial management (JM) which I like to … restructuring by way of parallel schemes of arrangement in England and Bermuda. Scheme of Arrangement. Takeovers (Scheme of Arrangement under S.366 of Companies Act 2016). Rectification of registers What happens after the meeting (assuming that the SOA is agreed upon by the majority of parties involved)? An approved liquidator may be appointed by the court to assess the viability of the proposed scheme or arrangement. The only formal corporate rescue process currently available in Malaysia is the scheme of arrangement under section 176 of the Companies Act 1965. Until very recently, schemes of arrangement were the most common type of scheme, used for corporate reconstructions, takeovers and amalgamations.”4 Corporate voluntary agreements (CVA) This is a new provision where the company can enter into a compromise or arrangement with its creditors under the supervision of an insolvency practitioner with minimal court intervention. Section 368(1), Ibid.10. A Scheme of Arrangement helps a company in the restructure of its debt, and aids recovery from financial distress. Malaysia is to subscribe for newly issued voting shares which, after taking into account already existing shares, make up over 50 per cent of the entire issued voting share capital of a company (with the existing shareholders being diluted). For example, SOA can be used to1: However, such a scheme must be approved by the required number of shareholders in a meeting and is sanctioned by the court before the SOA can be implemented by the company. Section 366 (1)(a)-(d), Ibid.4. A scheme of arrangement is a procedure under Part 5.1 of the Corporations Act that allows a company to reconstruct its capital, assets or liabilities with the approval of its shareholders and the Court. The Law In Relation To Scheme Of Arrangement In Malaysia. A scheme of arrangement is a useful tool as it provides for a statutory form by which affected creditors and/or members may agree to a scheme which, if approved by the court, will bind dissenting creditors and/or members. Need advice regarding SOA? The first advantage is the Court’s power to order compromise or arrangement with creditors and members even though some creditors may not agree with the scheme of arrangement. Copyright 2020 Prewlaw & Associate. means a transaction to acquire control, or consolidate voting rights, or voting power, howsoever effected including by way of a The condominium purchasers had earlier filed legal actions to claim for liquidated damages against the company. Post navigation On 22 January 2018, the Singapore High Court (“Court”) sanctioned the first “pre- packaged” scheme of arrangement under Singapore’s new restructuring and insolvency regime that was unveiled in 2017. In these challenging economic times, there are many reasons … Does Failure to Distribute Dividends is Considered as Oppression? Corporate Voluntary Arrangement (“CVA”) Judicial Management (“JM”) Purpose . Improvements to the scheme of arrangement procedure. Published: Mar 13, 2017 Updated: June 3, 2019 by Tan Poh Yee The amendments to the Companies Act 2016 exemplify the Government's efforts towards promotion of effective ways of doing business in Malaysia. It provides a high degree of certainty as to the scheme, once sanctioned by the court, is binding to all members. The voluntary arrangement may also end prematurely if it has not been or cannot be fully implemented. An SOA will be presented by the company before the creditors/ class of creditors or members/ class of members of the company. Composition or Scheme of Arrangement 18. M.A.Khan, Shareholder’s Protection under Scheme of Arrangement and Takeovers. CORPORATE RESCUE AND DEBT RESTRUCTURING EXERCISE: SCHEME OF ARRANGEMENT PURSUANT TO SECTION 366 COMPANIES ACT 2016 . (Opens in new window). It may affect mergers and amalgamations and may alter shareholder or creditor rights. On 22 January 2018, the Singapore High Court (“Court”) sanctioned the first “pre- packaged” scheme of arrangement under Singapore’s new restructuring and insolvency regime that was unveiled in 2017. CORPORATE RESCUE AND DEBT RESTRUCTURING EXERCISE: SCHEME OF ARRANGEMENT PURSUANT TO SECTION 366 COMPANIES ACT 2016. Section 366 and Section 368 of the Companies Act 2016 are statutory mechanism that provides relief for Companies to propose a compromise with its creditors and to strike a compromise in lieu of facing immediate doom of being wound up. the proposed scheme. Corporate Voluntary Arrangement (“CVA”) Judicial Management (“JM”) Purpose . Court-sanctioned 2018 scheme of arrangement had already made provision for payment to release vessel. No deed of arrangement valid except under section 18 or 26 unless registered 21. The condominium purchasers had earlier filed legal actions to claim for liquidated damages against the company. Power for creditors to accept and court to approve composition or arrangement 19. Post navigation Schemes of arrangement can be used as an easier vehicle in a corporate acquisition. Currently the Companies Act only allows an insolvent Malaysian company to wind itself up, undertake a Scheme of Arrangement under Section 176 of the Companies Act, or appoint a receiver. Termination of a Scheme of Arrangement. The Law In Relation To Scheme Of Arrangement In Malaysia. Scheme Of Arrangement in Malaysia. These ground-breaking amendments have taken the existing scheme of arrangement mechanism in Singapore and engrafted new features adapted from Chapter 11 of the US Bankruptcy Code. The judicial manager will prepare a scheme for creditors’ approval for which a 75% majority sanction is required. This entry was posted in . The objective of the schemes of arrangement ... giving the ailing companies time and space to negotiate the proposed Scheme that can be tailored to their needs to be rescued. Rectification of registers The recent amendments to the Companies Act exemplifies the Government's efforts towards promotion of effective ways of doing business in Malaysia. Bookmark the permalink. Your email address will not be published. An approved scheme is binding on all including shareholders. An approved liquidator may be appointed by the court to assess the viability of the proposed scheme or arrangement. PROPOSED INTERNAL REORGANISATION BY WAY OF A MEMBERS’ SCHEME OF ARRANGEMENT UNDER SECTION 366 OF COMPANIES ACT, 2016 AND NOTICES OF CCM AND EGM Principal Adviser RHB Investment Bank Berhad (Company No. a scheme of arrangement.2The use of a scheme of arrangement to effect a takeover has gained popularity in Malaysia; it is also seen as an easier route to acquire control as compared to the traditional takeover bid which is : 9417-K); And In the matter of the Proposed Scheme of Arrangement between Malaysia Building Your email address will not be published. The RGL is only applicable for travel between (i) airports in Singapore and Malaysia which have available non-stop flight routes and (ii) land checkpoints. The Bill introduces the concepts of Judicial Management and Corporate Voluntary Arrangement. to compromise their debts in a company that is on the brink of insolvency as an alternative to liquidation or judicial management), or … This applies especially if the company is being wound up. The sanction was granted by Judicial Commissioner Liza Chan Sow Keng during an e-review hearing today. Judicial manager (assuming the company is under judicial management). including by means of a trust scheme, a scheme of arrangement, compromise, amalgamation or selective capital reduction and repayment (see notes below). This is where safeguards are placed to ensure fairness and balance between the Company and its Creditors whereby a Scheme of Arrangement requires of approval of 75% majority of creditors in value in attendance who vote in favour. The company has already proposed an SOA and the proposed SOA has been agreed upon by at least 50% of the total value of the creditors/ class of creditors of the company; The restraining order is necessary to formalize the SOA; The company has lodged an application for a restraining order with the court; The company has also lodged (together with the application for a restraining order) a statement of particulars as to the affairs of the company not more than 3 days old before the application for the restraining order is lodged; and. In these challenging economic times, there are many reasons … Company Law 101: Director’s Duty to Disclose of Personal Interest. Once there is a successful Scheme of Arrangement thereafter the company shall apply for sanction of the proposed Scheme of Arrangement and the court is always vested with the right to make alteration or conditions it deems just. PROPOSED INTERNAL REORGANISATION BY WAY OF A MEMBERS’ SCHEME OF ARRANGEMENT UNDER SECTION 366 OF COMPANIES ACT, 2016 AND NOTICES OF CCM AND EGM Principal Adviser RHB Investment Bank Berhad (Company No. It also evaluates the use of the SOA in Malaysia … KUALA LUMPUR (Dec 2): The proposed scheme of arrangement between Prestariang Bhd’s unit Prestariang Skin Sdn Bhd (PSkin) and its creditors has received the High Court’s approval. Scheme of arrangements (Scheme) under section 210 of the Companies Act (Chapter 50) of Singapore (the Companies Act) are typically undertaken to, inter alia, effect a compromise or arrangement between creditors and members of a company (e.g. restructuring by way of parallel schemes of arrangement in England and Bermuda. Creditors to ultimately consider the proposed scheme of arrangement and obtain recovery of its debts or successfully winding up the Company but only recovering negligible amount of its debt. Takeovers (Scheme of Arrangement under S.366 of Companies Act 2016). Malaysia and a secondary listing in Malaysia, the SC may consider disapplying these ... scheme of arrangement or scheme . Use the button below: 1. Posted on October 27, 2020 October 27, 2020 by shahirah. Power of Minister to make rules 23. Section 366 (4), Companies Act 2016.6. Required fields are marked *. So long as the said threshold over 75% is met, subject to the Court’s approval, the remaining creditors are forced to accept the compromise or arrangement. Penalty for collusive preference 22. Where the It is a statutory requirement for an explanatory statement to be sent out to creditors Twenty-One (21) days in advance which will contain the complete scheme of arrangement i.e the proposal for the creditor consideration, for the purpose of resolving the debt owed to the creditors. The issue is how shareholders particularly minority in target company can be treated under a scheme. The parties who are present will then vote as to whether they agree/ disagree with the SOA. Author, The Scheme of Arrangement and Corporate Rescue Framework in Malaysia, INSOL World 1st Quarter 2019. The scheme of arrangement involves reducing its share capital, disposal of properties and fund raising. This nomination must be approved by the court. The SOA must be agreed by a majority of 75% of the total value of the creditors/ class of creditors or members/ class of members of the company. EMPLOYERS RIGHT TO ORDER TRANSFER: INDUSTRIAL RELATION PERSPECTIVE, PUNISHMENT FITS THE CRIME: DOCTRINE OF PROPORTIONALITY IN A INDUSTRIAL RELATION PERSPECTIVE, THE LAW ON CONSTRUCTIVE DISMISSAL IN MALAYSIA, CONTROL TEST AND THE POSITION OF A DIRECTOR: MALAYSIAN INDUSTRIAL RELATION PERSPECTIVE, Debt Restructuring, Liquidation and Receivership, Commercial Property and Residential Conveyancing, Company not to evade its debts owed but provides a fair proposal to restructure its debt for the ultimate consideration and approval by its creditors AND. In conclusion the frame work provided by Section 366 Companies Act 2016 provides an opportunity for the; Ultimately it is for the Company to formulate a viable and fair proposed scheme of arrangement but for the creditors to make the final decision. Section 366 (6), Ibid.8. The company in this case was a housing developer and had initiated a scheme of arrangement and obtained a restraining order to restrain ongoing legal proceedings against the company. The sanction was granted by Judicial Commissioner Liza Chan Sow Keng during an e-review hearing today. All the members of the company/ class of members of the company; The liquidator and the contributors (assuming the company is being wound up). Section 366 (2), Ibid.5. Post was not sent - check your email addresses! Once sanction is obtained and the said order is registered with Companies Commission of Malaysia it would be binding on its scheme creditors. Prevents/ avoids negative publicity and loss of goodwill as compared to if the company were to be wound up and the winding-up is made public to the general population. Commercial Property and Residential ConveyancingBanking Litigation, 6-3A, Vertical Business Suites, Bangsar South, No. Section 176(8) provides the duties of director to instruct the accountants or advocate or both to make a report and to be send to the director. Scheme Of Arrangement in Malaysia. This entry was posted in . Your email address will not be published. Amongst others, the amendment includes matters pertaining to scheme of arrangements and reconstructions of companies. The issue is how shareholders particularly minority in target company can be treated under a scheme. KUALA LUMPUR (Dec 2): The proposed scheme of arrangement between Prestariang Bhd’s unit Prestariang Skin Sdn Bhd (PSkin) and its creditors has received the High Court’s approval.The sanction was granted by Judicial Commissioner Liza Chan Sow Keng during an e-review hearing today. “A scheme of arrangement is a compromise or arrange-ment proposed between a company and its creditors, or any class of creditors, or between the company and its members, or any class of members. In Malaysia, the most common type of merger and acquisition is by way of share purchase. KUALA LUMPUR (Dec 2): The proposed scheme of arrangement between Prestariang Bhd’s unit Prestariang Skin Sdn Bhd (PSkin) and its creditors has received the High Court’s approval. It can be tailored to novel or complex corporate structures or be used for major group reconstructions. Notify me of follow-up comments by email. The Bermuda Scheme of Arrangement A Bermuda scheme of arrangement is a court-approved compromise or arrangement between a company and its creditors (or classes A scheme of arrangement is an agreement entered between a company and its creditors/ shareholders/ members to implement various corporate exercises for the betterment of the company. M.A.Khan, Shareholder’s Protection under Scheme of Arrangement and Takeovers.2. Amongst others, the amendment includes matters pertaining to scheme of arrangements and reconstructions of companies. These creditors had opposed the scheme of arrangement. The prayers to be sought are for a Court Convened Meeting to be called for the company to present the Scheme of Arrangement. Website Designed by WRO International. Section 368 (2)(a), Ibid. 2 See separate summary of Bermuda’s ‘light-touch’ provisional liquidation procedure, available here. The judicial manager will prepare a scheme for creditors’ approval for which a 75% majority sanction is required. These ground-breaking amendments have taken the existing scheme of arrangement mechanism in Singapore and engrafted new features adapted from Chapter 11 of the US Bankruptcy Code. Required fields are marked *, About Us Our ValuesOur PartnersContact Us, Civil and Commercial Litigation Debt Restructuring, Liquidation and ReceivershipEmployment LawConstruction Contracts, Business LawWills and Probate A scheme of arrangement is often preferable to a judicial management in various situations. These include: 1. The court may then approve the SOA subject to any alterations to the SOA or conditions as the court thinks fit, The approved SOA must then be lodged with the registrar before the SOA can come into effect, The approved SOA must also be annexed to every copy of the constitution of the company issued after the approved SOA comes into effect. Composition or Scheme of Arrangement 18. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Email: prem@premlaw.com Phone: +(603) 2242 2141Fax: +(603) 2242 3140. So long as the said threshold over 75% is met, subject to the Court’s approval, the remaining creditors are forced to accept the compromise or arrangement. The legal framework, transaction structure and process will depend on whether the entity being acquired is a public listed company or private limited company. G-15, Level G, Metia Residence, Persiaran Sukan, Seksyen 13, 40100 Shah Alam, Selangor, Obtain leave from the court to summon a meeting between the company and its members/ creditors. In this article, we will briefly share with you what is an SOA. Once there is a proposed scheme which is viable, then an Originating Summons is filed to court detailing the status of the company and attaching the current proposed scheme. Posted on October 27, 2020 October 27, 2020 by shahirah. — Schemes of arrangement are becoming increasingly more popular in recent years as the preferred way in which 'takeovers' of Australian listed companies are effected.A scheme of arrangement is For example, the terms of a scheme of arrangement may state that the scheme ends: Upon complete implementation of the scheme; After a stipulated period of time; and/or; At the scheme manager’s discretion. The legal framework, transaction structure and process will depend on whether the entity being acquired is a public listed company or private limited company. : The court can actually order that no further legal proceedings (restraining order) can be instituted against the company for a period of 3 months and an additional 9 months upon an application to extend by the company, Liquidator (assuming the company is being wound up); or. Section 366 (3), Ibid.9. Section 366 (5), Ibid.7. A restraining order can be a crucial tool to allow the distressed applicant company to have a moratorium from creditors’ actions and to allow for a successful restructuring of the company’s debts through a scheme of arrangement. A scheme of arrangement (or a "scheme of reconstruction") is a court-approved agreement between a company and its shareholders or creditors (e.g. It  may also be a necessity to apply for a restraining order pursuant to Section 368 Companies Act 368 to allow the Company to call for the Meeting of Creditor within Ninety (90) days. Without the granting of an Restraining Order, the strain of legal proceeding and the constant threat of winding up proceeding will likely eliminate any prospect of the presenting the scheme of arrangement for the consideration of the Creditors. A Restraining Order in the context of Section 368 Companies Act is an order granted by the court which “suspends” all legal proceeding against the company to preserve the status quo of any pending legal proceeding and for legal proceeding not to be commenced pending allowing the Company to call the Court Convened Meeting. together with it many new provisions. Power for creditors to accept and court to approve composition or arrangement 19. The objective of the schemes of arrangement ... giving the ailing companies time and space to negotiate the proposed Scheme that can be tailored to their needs to be rescued. ... Against the odds and Covid-19, Malaysia pulls off first-ever virtual APEC. Everyone that has an interest in the company i.e. Posted on October 28, ... A scheme of arrangement is an agreement entered between a company and its creditors/ shareholders/ members to implement various corporate exercises for the betterment of the company. A scheme of arrangement can be applicable to all the company creditors or limited to a certain class of creditors of the company. Power of Minister to make rules 23. Touch & Go Parking Charges, Can they Charge You Extra 10%? KUALA LUMPUR (Dec 2): The proposed scheme of arrangement between Prestariang Bhd’s unit Prestariang Skin Sdn Bhd (PSkin) and its creditors has received the High Court’s approval. In the application, the company must also nominate a person that is approved by the majority of the creditors to act as a director. Scheme of Arrangement. Premjit Singh is the Managing Partner of Prem & Associates and he can be contacted via email at prem@premlaw.com or mobile at 012-5236755, Your email address will not be published. This paper examines the process and effects of SOA. Posted on October 28, ... A scheme of arrangement is an agreement entered between a company and its creditors/ shareholders/ members to implement various corporate exercises for the betterment of the company. The scheme may include terms on how it is to be terminated. Schemes of arrangement can be used as an easier vehicle in a corporate acquisition. Co-author, The Game of Loans: The Corporate Insolvency Changes under the Companies Act 2016, The Malaysian Accountant, 2017. The restraining order would restrain any further legal proceedings to be initiated against the applicant company applying for a scheme of arrangement. The company in this case was a housing developer and had initiated a scheme of arrangement and obtained a restraining order to restrain ongoing legal proceedings against the company. It also evaluates the use of the SOA in Malaysia … The first advantage is the Court’s power to order compromise or arrangement with creditors and members even though some creditors may not agree with the scheme of arrangement. Corporate voluntary agreements (CVA) This is a new provision where the company can enter into a compromise or arrangement with its creditors under the supervision of an insolvency practitioner with minimal court intervention. To effect a wide range of corporate restructures may consider disapplying these... scheme arrangement. Be binding on all including shareholders rescue and DEBT RESTRUCTURING EXERCISE: scheme of arrangement are not exclusively for! Assuming the company i.e arrangement ( “ JM ” ) Purpose and amalgamations and may alter or... After the meeting ( assuming the company before the application i.e on all including shareholders:. Management in various situations be used for major group reconstructions after the meeting ( assuming the.. Had already made provision for payment to release vessel odds and Covid-19, Malaysia pulls off first-ever virtual.! Complex corporate structures or be used as an easier vehicle in a corporate acquisition minority in company! From financial distress ) ; and in the matter of the Companies 1965. Arrangement or scheme 2016, the SC may consider disapplying these... scheme of arrangement is often preferable to certain. Malaysian Accountant, 2017 and 2016 in this article, we will briefly share with you what an... To present the scheme of arrangement valid except under section 176 of the proposed of. 366 Companies Act 2016 ) members of the company EXERCISE: scheme of arrangements reconstructions... Is binding on all including shareholders be presented by the company is essential in the company is being wound.! Process and effects of SOA affect mergers and amalgamations and may alter Shareholder creditor. Aids recovery from financial distress for liquidated damages against the applicant company applying for a Convened... Was not sent - check your email addresses making of this arrangement, before... For payment to release vessel and amalgamations and may alter Shareholder or creditor rights, Ibid section... Can not share posts by email of Personal Interest of effective ways of doing business Malaysia... Binding on its scheme creditors Distribute Dividends is Considered as Oppression the Law in Relation to scheme of under... Insolvent Companies and are widely utilised by solvent entities exclusively intended for Companies. The application i.e Through: RESTRUCTURING and Insolvency 2018, 2017 and 2016 2020 27... A scheme of arrangement 2020 October 27, 2020 by shahirah what is an SOA will be presented the! “ CVA ” ) Purpose accept and court to assess the viability the... Registered 21 amalgamations and may alter Shareholder or creditor rights structures or used. 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