Insolvency Act · 2022 Revised Edition · Chapter VIII
159. Outstanding assets of defunct company to vest in Official Receiver
Official textFrom Attorney General's Chambers, unchanged
Where, after a company has been dissolved, there remains any outstanding property, movable or immovable, including things in action and whether in or outside Brunei Darussalam which was vested in the company or to which it was entitled, or over which it had a disposing power at the time it was so dissolved, but which was not obtained, realised on or otherwise disposed of or dealt with by the company or its liquidator, such property except called and uncalled capital, shall, for the purposes of sections 160,
company
“company” means a company incorporated or registered under the Companies Act;
161 and 162 and notwithstanding any other written law or rule of law to the contrary, by the operation of this section, be and become vested in the
Official Receiver for all the estate and interest therein legal or equitable of the company or its liquidator at the date the company was dissolved, together with all claims, rights and remedies which the company or its liquidator then had in respect thereof.
Where any claim, right or remedy of the liquidator may under this Act be made, exercised or availed of only with the approval or concurrence of the Court or some other person, the Official Receiver may for the purposes of this section make, exercise or avail himself of that claim, right or remedy without such approval or concurrence.
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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