Insolvency Act · 2022 Revised Edition · Part 2
13. Approval of arrangement
Official textFrom Attorney General's Chambers, unchanged
This section applies to a decision, under section 12, with respect to the approval of a proposed voluntary arrangement.
voluntary arrangement
“voluntary arrangement” means the voluntary arrangement described in section 8.
The decision has effect if, in accordance with the rules —
it has been taken by both meetings summoned under section 11; or
subject to any order made under subsection (5), it has been taken by the meeting of the company’s creditors summoned under that section.
If the decision taken by the creditors’ meeting differs from that taken by the company meeting, a member of the company may apply to the
company
“company” means a company incorporated or registered under the Companies Act;
Court.
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
An application under subsection (3) shall not be made after the end of the period of 28 days beginning with —
the day on which the decision was taken by the creditors’
meeting; or
Insolvency
where the decision of the company meeting was taken on a later day, that day.
On an application under subsection (3), the Court may —
order the decision of the company meeting to have effect instead of the decision of the meeting of the company’s creditors; or
make such other order as it thinks fit.
Where a member of a regulated company, within the meaning given by paragraph 54 of Schedule 1 applies to the Court under subsection (3), the Brunei Darussalam Central Bank established by section 3(1) of Brunei Darussalam Central Bank Order, 2010 (S 103/2010) is entitled to be heard on the application.
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;
voluntary arrangement
Defined · s 3“voluntary arrangement” means the voluntary arrangement described in section 8.
Part 3
Part
Judicial Management
Part
Winding Up of Companies Registered Under Companies Act
Chapter I
Chapter II
Chapter III
Chapter IV
Chapter V
Chapter VI
Chapter VII
Chapter VIII
Chapter IX
Chapter X
Part