KUALA LUMPUR: The amendment to the Limited Liability Partnerships Act 2012 is expected to be tabled at the Parliament latest by next month, said Domestic Trade and Consumer Affairs Minister (KPDNHEP) Datuk Seri Alexander 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 Corporate Rescue Mechanism.
“This is in line with the aspiration of the government to expedite 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 Corporate Rescue Mechanism as LLPs run the risk of being wound-up when they face financial difficulties even though the business is in fact still viable,” he said when officiating the Companies Commission of Malaysia (SSM) National Conference (SSMNC) 2022 held virtually today.
Nanta said the conference, themed “Corporate Governance and Sustainability, Needed Now More Than Ever”, was aimed at providing a platform to spark action by the corporate players to strengthen their corporate governance and sustainability practices to achieve long-term value and sustainable growth of businesses.
“The theme is apt and resonates very well with the current priorities of the corporate sector, which is to reset and rebuild with greater resilience and preparedness to face the post-pandemic times.
“This means leveraging towards 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 more important, which is why the theme was chosen by SSM,” he said.
The annual conference which has entered its 11th year of organisation 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 incorporating good corporate governance. – BERNAMA
