Insolvency Act · 2022 Revised Edition · Chapter VII
139. Winding up by Court
Official textFrom Attorney General's Chambers, unchanged
Where a company is being wound up by the Court, the liquidator may —
company
“company” means a company incorporated or registered under the Companies Act;
with the sanction of the Court or liquidation committee, exercise any of the powers specified in Parts 1 and 2 of Schedule 3;
and
with or without that sanction, exercise any of the general powers specified in Part 3 of Schedule 3.
Where the liquidator (not being the Official Receiver), in exercise of the powers conferred on him by this Act —
disposes of any property of the company to a person who is connected with the company; or
employs a solicitor to assist him in the carrying out of his functions, he shall, if there is for the time being a liquidation committee, give notice to the committee of that exercise of his powers.
The exercise by the liquidator in a winding up by the Court of the powers conferred by this section is subject to the control of the Court, and any creditor or contributory may apply to the Court with respect to any exercise or proposed exercise of any of those powers.
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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