MIA And MICPA Applaud Landmark Cross-Border Insolvency Law Aligning Malaysia With Global Standards

KUALA LUMPUR, July 31 (Bernama) -- 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.