Finance Companies Act · s 39

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s 39Winding-up provisions

(1)

Without prejudice to the provision of the Insolvency Order, 201 6

(S 112016) -

[S 1/2016]

(a)

a company (whether or not it is being wound up voluntarily)

may be wound up under an order of the court on the petition of the

Authority; and

(bJ the court may order the winding-up of a company if -

(i)

the company has held a licence under this Act and that licence has expired or has been revoked; or

(ii)

the company has carried on financing business or

Islamic financing business in Brunei Darussalam in contravention of the provisions of this Act.

(2)

In the winding-up of a company that has been carrying on financing business or Islamic financing business, the depositors are deemed

Finance Conzpanies to be holders of debentures issued to them by the company and secured by a floating charge over all the property and undertaking of the company.