KUALA LUMPUR, August 18 — The Malaysian Institute of Accountants (MIA) and The Malaysian Institute of Certified Public Accountants (MICPA) have welcomed the passage of the Cross Border Insolvency Bill in the Dewan Rakyat, which adopts the United Nations’ Model Law on Cross-Border Insolvency.
This marks a pivotal step in aligning Malaysia’s insolvency practices with global standards, enabling enhanced cooperation between Malaysian and international courts in handling complex insolvency cases. The legislation is expected to boost legal certainty, protect stakeholder interests, and support business rescue efforts by ensuring smoother coordination across jurisdictions.
MIA and MICPA praised the government and all parties involved, expressing confidence that the new framework will strengthen Malaysia’s position as a trusted hub for international trade, while committing to support its effective rollout within the accounting and legal communities.
