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Insolvency Act · s 21
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Insolvency Act · s 21
Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.
If any person —
obtains an order for the appointment of a receiver or manager of the property of a company or of the property in Brunei
Darussalam of any other corporation; or
appoints such a receiver or manager under any power contained in any instrument, he shall, within 7 days after he has obtained the order or made the appointment, lodge notice of the fact with the Registrar.
Where any person appointed as receiver or manager of the property of a company or such other corporation under the powers contained in any instrument ceases to act as such, he shall, within 7 days thereafter, lodge with the Registrar notice to that effect.
A person who fails to comply with the requirements of this section is guilty of an offence and liable on conviction to a fine not exceeding $1,000, and, in the case of a continuing offence, with a further fine not exceeding $50 for every day or part thereof during which the offence continues after conviction.