Helping firms grapple with Companies Act 2016


  • News
  • Monday, 03 Jul 2017

Strong turnout: SMEs getting up to speed on the new law at the workshop.

AS business owners struggle to adjust to the changes under the Companies Act 2016, Star Media Group will be organising another half-day workshop to provide companies with a platform to engage expert help.

The first workshop, held last month, saw a full house with spillover participants placed on the waiting list.

The second workshop will be held on Aug 2 at Menara Star at 9am.

It will feature Yon See Ting, a partner of Christopher & Lee Ong, and Samantha Tai, chief executive officer of Boardroom Corporate Services (KL) Sdn Bhd.

Yon said Malaysian companies still need more time to adjust to the changes under the act, which came into effect on Jan 31, as awareness on the new regulation was still lacking.

“There are still a lot of questions and uncertainties about the new law,” she said, adding that top organisations were also struggling with the changes.

The workshop, called “Star Empowerment The New Companies Act 2016”, will highlight issues posed by the new act and examine how these changes affect the company and its directors. It will also recommend practical tips on actions that can be taken by a company to maximise growth under the new law.

The new law places more responsibility on company directors to act in the interest of shareholders and the company.

For example, a director has to ensure that the firm would be solvent immediately after the dividend is paid out to safeguard the company from financial losses.

Under the Companies Act 2016, Yon said many procedures have been shortened and more stringent sanctions have been enforced. Fines for offences and non-compliance are higher under the new act.

“The heavier penalties would mean that people take it seriously. Compliance standards will go up and companies will also start doing the right thing,” she said.

Yon has more than 20 years of experience in corporate, corporate finance and commercial transactions including M&As, joint ventures, takeovers, debt and securities offering, IPOs, corporate restructurings and various commercial arrangements encompassing competition law.

Meanwhile, Tai has over 20 years of experience in corporate secretarial work and has provided extensive in-house training for directors of public listed companies. She is also a fellow member of the Malaysian Institute of Chartered Secretaries and Administrators.

For further enquiries, please contact 03-79671388 ext 1436, 1432 or 1657 or e-mail events@thestar.com.my.

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Business , Companies Act 2016 , SME

   

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