Insolvency Act · 2022 Revised Edition · Chapter VIII
148. Undue preference
Official textFrom Attorney General's Chambers, unchanged
Subject to this Act and such modifications as may be prescribed, any transfer, mortgage, delivery of goods, payment, execution or other act relating to property made or done by or against a company which, had it been made or done by or against an individual, would in his bankruptcy be void or voidable under the Bankruptcy Act (Chapter 67) shall in the event of the company being wound up, be void or voidable in like manner.
For the purposes of this section, the date which corresponds with the date of making of the application for a bankruptcy order in the case of an individual shall be —
in the case of a winding up by the Court —
the date of the making of the winding up application; or
where before the making of the winding up application a resolution has been passed by the company for voluntary winding up, the date on which the resolution to wind up the company voluntarily is passed, whichever is the earlier; and
in the case of a voluntary winding up, the date on which the winding up is deemed by this Act to have commenced.
Any transfer or assignment by a company of all its property to trustees for the benefit of all its creditors shall be void.
company
“company” means a company incorporated or registered under the Companies Act;
Terms defined in this Act
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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