Categories: Media ReleasePublished On: 31/07/2025

FOR IMMEDIATE RELEASE

31 JULY 2025

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MIA AND MICPA APPLAUD LANDMARK CROSS-BORDER INSOLVENCY LAW ALIGNING MALAYSIA WITH GLOBAL STANDARDS

Kuala Lumpur — The Malaysian Institute of Accountants (MIA) and The Malaysian Institute of Certified Public Accountants (MICPA) proudly welcome the recent passage of the Cross-Border Insolvency Bill in the Dewan Rakyat, which adopts the Model Law on Cross-Border Insolvency (Model Law) developed by the United Nations Commission on International Trade Law.

This landmark legislation marks a significant step forward in aligning Malaysia’s insolvency framework with international best practices. By adopting the Model Law, the Bill establishes a robust legal mechanism for cooperation between Malaysian courts and foreign jurisdictions in insolvency matters, enhancing transparency, predictability, and fairness in cross-border insolvency proceedings.

Key Impacts of this Legislation:

  • Facilitates International Cooperation: The framework promotes collaboration between courts, insolvency practitioners, and regulators across borders, ensuring smoother coordination in complex multi-jurisdictional insolvency cases.
  • Enhances Legal Certainty: Businesses and investors will benefit from greater clarity and consistency in how cross-border insolvency cases are handled, reducing legal risks and fostering confidence in Malaysia’s financial and legal systems.
  • Protects Stakeholder Interests: The framework ensures fair and efficient administration of insolvency cases, safeguarding the rights of creditors, debtors, and other stakeholders.
  • Supports Business Rescue and Asset Value Preservation: By enabling timely recognition of foreign proceedings and access to local courts, the law helps preserve the value of distressed businesses and assets, and promotes restructuring efforts that can save jobs and investments.

MIA and MICPA commend the Government and all stakeholders involved in the drafting and passage of this Bill in the Dewan Rakyat. We believe this legislation will strengthen Malaysia’s position as a competitive and reliable hub for international trade and investment.

We look forward to supporting the adoption and implementation of the new framework and working with our members to ensure its effective application in practice.

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NOTE TO EDITOR:

The Malaysian Institute of Accountants (MIA)

Established under the Accountants Act 1967, MIA is the national accountancy body that regulates, develops, supports and enhances the integrity, status and interests of the profession in Malaysia. MIA accords the Chartered Accountant Malaysia or “C.A. (M)” designation. Working closely alongside businesses, MIA connects its membership to a wide range of information resources, events, professional development, and networking opportunities. Presently, there are more than 40,000 members making their strides in businesses across all industries in Malaysia and around the world.

MIA’s international outlook and connections are reflected in its membership of regional and international professional organisations such as the ASEAN Federation of Accountants (AFA), and the International Federation of Accountants (IFAC). For more information on MIA, visit www.mia.org.my.

The Malaysian Institute of Certified Public Accountants (MICPA)
MICPA was incorporated in 1958 and is the only local body in Malaysia which conducts a professional accountancy examination recognised under the Accountants Act 1967. MICPA’s objective is to advance the theory and practice of accountancy in all its aspects, recruit, educate and train a body of Certified Public Accountants who are equipped with the technical knowledge and competencies needed to provide value add services of the highest quality. The CPA designation is widely recognised as a premier brand of professional business qualification. For more information, visit www.micpa.com.my.

 

FOR MORE INFORMATION, PLEASE CONTACT: 

MIA STRATEGIC COMMUNICATIONS & BRANDING

E-mail: communications@mia.org.my

 

THANE MEYYAPPAN                                 EILEEN GRACE LEE (MICPA)          

M: +60122489534                                   M: +60126293309

Email: communications@mia.org.my      Email: eileen@micpa.org.my