Finance Companies Act · 2021 Revised Edition · Part · General
39. Winding-up provisions
Official textFrom Attorney General's Chambers, unchanged
Without prejudice to the provision of the Insolvency Order, 201 6
(S 112016) -
[S 1/2016]
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 -
the company has held a licence under this Act and that licence has expired or has been revoked; or
the company has carried on financing business or
Islamic financing business in Brunei Darussalam in contravention of the provisions of this Act.
In the winding-up of a company that has been carrying on financing business or Islamic financing business, the depositors are deemed
company
"company" means a company incorporated or registered under the Companies Act;
40
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.
Terms defined in s 2
Authority
Defined · s 2"Authority" means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010 (S 103120 10); [S 1 7/2 02 I]
company
Defined · s 2"company" means a company incorporated or registered under the Companies Act;
financing business
Defined · s 2"financing business" means the business of - (a) borrowing money from the public, by acceptance of deposits and issuing certificates or other documents acknowledging or evidencing indebtedness to the public and a undertaking to repay the money on call or after an agreed maturity period; (b) lending money to the public or to a company on the basis that the public or the company undertakes to repay the money, whether within an agreed period of time or not, or by installments, and shall include the business of financing…
Islamic financing business
Defined · s 2"Islamic financing business" means financing business the aims and operations of which do not involve any element which is not approved by Hukum Syara ':