6. Conditions on which creditor may petition

(1)

Subject to the provisions of section 7, a creditor shall not be entitled to present a bankruptcy petition against a debtor unless -

(a)

the debt owing by the debtor to the petitioning creditor or, if two or more creditors join in the petition, the aggregate amount of debts owing to the several petitioning creditors, amounts to

$10,000;

Bankruptcy

(b)

the debt is a liquidated sum payable either immediately or at some certain future time;

(c)

the act of bankruptcy on which the petition is grounded has occurred within 3 months before the presentation of the petition;

and

(d)

the debtor is domiciled in Brunei Darussalam or, within a year before the date of the presentation of the petition, has ordinarily resided or had a dwelling-house or place of business in

Brunei Darussalam or has carried on business in Brunei

Darussalam, personally or by means of an agent or manager, or is or within that period has been a member of a firm or partnership of persons which has carried on business in Brunei Darussalam by means of a partner or partners or an agent or manager.

(2)

If the petitioning creditor is a secured creditor, he must in his petition either state that he is willing to give up his security for the benefit of the creditors in the event of the debtor being adjudged bankrupt, or give an estimate of the value of his security. In the latter case, he may be admitted as a petitioning creditor to the extent of the balance of the debt due to him after deducting the value so estimated in the same manner as if he were an unsecured creditor.

Report

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Part 3

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Chapter

Chapter 19), unless he informs the trustee in writing to the contrary, is deemed to be his last known address for the purpose of subsection (3).

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Part 4

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Part 5

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Part 6

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Part 7

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Part

Bankruptcy Offences

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