Insolvency Act · 2022 Revised Edition · Chapter X
179. Transactions in fraud of creditors
Official textFrom Attorney General's Chambers, unchanged
Subject to subsection (2), when a company is ordered to be wound up by the Court or passes a resolution for voluntary winding up, a person who, being at the time an officer of the company —
company
“company” means a company incorporated or registered under the Companies Act;
has made or caused to be made any gift or transfer of, or charge on, or has caused or connived at the levying of any execution against, the company’s property; or
has concealed or removed any part of the company’s property since, or within 2 months before, the date of any unsatisfied judgment or order for the payment of money obtained against the company,
Insolvency is guilty of an offence and liable on conviction to a fine not exceeding
$10,000, imprisonment for a term not exceeding 2 years or both.
A person is not guilty of an offence under this section —
by reason of conduct constituting an offence under subsection (1)(a) which occurred more than 5 years before the commencement of the winding up; or
if he proves that, at the time of the conduct constituting the offence, he had no intent to defraud the company’s creditors.
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;
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.
resolution for voluntary winding up
Defined · s 3“resolution for voluntary winding up” means a resolution passed under section 66(1)(a) or (b);
Part