Insolvency Act · 2022 Revised Edition · Chapter VI
122. Duty to summon final meeting
Official textFrom Attorney General's Chambers, unchanged
Subject to subsection (2), if it appears to the liquidator of a company which is being wound up by the Court that the winding up of the company is for practical purposes complete and the liquidator is not the
company
“company” means a company incorporated or registered under the Companies Act;
Official Receiver, the liquidator shall summon a final general meeting of the company’s creditors which shall —
receive the liquidator’s report of the winding up; and
determine whether the liquidator should have his release under section 145.
The liquidator may, if he thinks fit, give the notice summoning the final general meeting at the same time as giving notice of any final distribution of the property of the company but, if summoned for an earlier date, that meeting shall be adjourned (and, if necessary, further adjourned)
property
“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.
until a date on which the liquidator is able to report to the meeting that the winding up of the company is for practical purposes complete.
In the carrying out of his functions in the winding up, it is the duty of the liquidator to retain sufficient sums from the property of the company to cover the expenses of summoning and holding the meeting required by this section.
General powers of Court
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
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;
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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Chapter IX
Chapter X
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