Insolvency Act · 2022 Revised Edition · Chapter VI
121. Vesting of property of company in liquidator
Official textFrom Attorney General's Chambers, unchanged
When a company is being wound up by the Court, the Court may on the application of the liquidator by order direct that all or any part of the property of whatsoever description belonging to the company or held by trustees on its behalf shall vest in the liquidator by his official name; and thereon the property to which the order relates vests accordingly.
company
“company” means a company incorporated or registered under the Companies Act;
The liquidator may, after giving such indemnity (if any) as the
Court may direct, bring or defend in his official name any action or other
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
Insolvency legal proceeding which relates to that property or which it is necessary to bring or defend for the purpose of effectually winding up the company and recovering its property.
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
Terms defined in s 3
company
Defined · s 3“company” means a company incorporated or registered under the Companies Act;
Court
Defined · s 3“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
insolvency
Defined · s 3“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
property
Defined · s 3“property”, in relation to a company, includes money, goods, things in action and every description of property, whether real or personal, and whether in Brunei Darussalam or elsewhere, and also obligations and every description of interest whether present or future or vested or contingent arising out of, or incidental to, property.
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