MALAYSIA Law and Practice Contributed by: Shelina Razaly Wahi and Vincent Chan Siew Onn, Abdullah Chan & Co
2.8.14 Practical Issues Related to Deregistration of Aircraft Please see 2.8.1 Deregistering Aircraft in This Juris- diction for the applicable requirements to be met in order to effect a deregistration of an aircraft. 2.9 Insolvency Proceedings 2.9.1 Overview of Relevant Laws and Statutory Regimes Governing Restructurings, Reorganisations, Insolvencies and Liquidations Restructuring, reorganisations, insolvencies and liqui - dations in Malaysia are governed by the Companies Act 2016. There are two types of liquidation in Malay - sia, namely compulsory winding-up and voluntary winding-up. Winding-ups facilitate the appointment of an insolvency practitioner as liquidator, who will, inter alia: • collect and realise assets; • undertake a proof of debt exercise to resolve credi - tor claims; • investigate past transactions for potential draw - back; • distribute dividends to creditors in satisfaction of claims; and • eventually, dissolve the company, which thereby ceases to exist. Voluntary liquidation commences with the passing of a members’ resolution to wind up the company. Com - pulsory liquidation is court-based and is initiated by a creditor. 2.9.2 Overview of Relevant Types of Voluntary and Involuntary Restructurings, Reorganisations, Insolvencies and Receivership Compulsory winding-up may apply where a company is unable to pay its debts. This is typically initiated by the filing of a winding-up petition by a creditor, for non-payment of debts as and when they fall due. There are two types of voluntary winding-up: • a members’ voluntary winding-up – when the com - pany is solvent and the liquidator is appointed at a members’ meeting; and
have registered both a foreign law-governed and a domestic law-governed power of attorney. 2.8.10 Revocation of a Deregistration Power of Attorney An irrevocable power of attorney may only be revoked at the consent of the donee. 2.8.11 Owner’s/Lessor’s Consent An aircraft owner, mortgagee or lessor may export the aircraft without the lessee’s consent. It is advisable for the deregistration power of attorney to also include the authority to export the aircraft, and not merely to deregister the aircraft. A lease/mortgage may also include language on the right to export the aircraft. The asset does not need to be located in Malaysia at the time of deregistration as deregistration is effected by way of documents. In order to export an aircraft, the aircraft owner, mortgagee or lessor would need to have a copy of the earlier customs form (Form K1) which was issued (by the Royal Malaysian Customs) at the time of the importation of the aircraft into Malay - sia. Export is similarly effected by way of documents. 2.8.12 Aircraft Export Permits/Licences There is no general requirement to obtain an export permit or licence, but the relevant export declaration must be made to the Royal Malaysian Customs before the aircraft may be exported out of Malaysia. Generally, the following documents and information are required for export: • export declaration; • invoice; • export licence (only applicable to certain categories of goods, which does not usually include aircraft); and • other relevant documents as requested by the customs authorities. 2.8.13 Costs, Fees and Taxes Concerning Export of Aircraft There are no significant costs/fees/taxes that are charged in respect of the export of an aircraft.
394 CHAMBERS.COM
Powered by FlippingBook