Insolvency Act · 2022 Revised Edition · Chapter VIII
160. Disposal of outstanding interests in property
Official textFrom Attorney General's Chambers, unchanged
On proof to the satisfaction of the Official Receiver that there is vested in him by operation of section 159 or by operation of any corresponding previous written law or of a law of a designated country on any estate or interest in property, whether solely or together with any other person, of a beneficial nature and not merely held in trust, the Official
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.
Receiver may sell or otherwise dispose of or deal with such estate or interest or any part thereof as he sees fit.
The Official Receiver may —
sell or otherwise dispose of or deal with such property solely or in concurrence with any other person in such manner, for such consideration by public auction, public tender or private contract and on such conditions as he thinks fit, with power to rescind any contract and resell or otherwise dispose of or deal with such property as he thinks expedient; and
make, execute, sign and give such contracts, instruments and documents as he thinks necessary.
Insolvency 132
The Official Receiver shall be remunerated by such commission, whether by way of percentage or otherwise, as is prescribed in respect of the exercise of the powers conferred on him by subsection (1).
The moneys received by the Official Receiver in the exercise of any of the powers conferred on him by sections 158 to 162 shall be applied in defraying all costs, expenses, commission and fees incidental thereto and thereafter to any payment authorised by those sections and the surplus, if any, shall be dealt with as if they were unclaimed moneys paid.
In this section, “corresponding previous written law” means any other written law relating to companies which has been at any time in force in Brunei Darussalam and which corresponds with any provision in this Act.
Liability of Official Receiver and Government as to property vested in
Terms defined in s 3
insolvency
Defined · s 3“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
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.
Chapter IX
Chapter X
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