Any entrepreneur worth his salt will know to prepare for unforeseen events that affect the business and to have contingency plans for when things go wrong. However, many businesses, both small and large, were ill prepared for the impact of the unprecedented COVID-19 pandemic. As enterprises struggle, so do their employees, suppliers, business partners and, eventually, their financiers.
A COVID-19 law is critically needed in Malaysia to deal with the uncertainties and challenges that businesses are facing and will continue to face for so long as the pandemic subsists. Currently, commercial parties are often limited by the existing laws and contractual terms in seeking much-needed relief. They are left to rely on the concession of their counterparties or piecemeal reliefs from the government, if any.