Insolvency Act · 2022 Revised Edition · Chapter X
180. Misconduct in course of winding up
Official textFrom Attorney General's Chambers, unchanged
When a company is being wound up, whether by the Court or voluntarily, any person who, being a past or present officer of the company —
company
“company” means a company incorporated or registered under the Companies Act;
does not to the best of his knowledge and belief, fully and truly disclose to the liquidator all the property of the company, and how and to whom and for what consideration and when the company disposed of any part of that property (except such part as has been disposed of in the ordinary way of the company’s business);
does not deliver up to the liquidator (or as he directs), all such part of the property of the company as is in his custody or under his control, and which he is required by law to deliver up;
does not deliver up to the liquidator (or as he directs), all books and papers in his custody or under his control belonging to the company and which he is required by law to deliver up;
knowing or believing that a false debt has been proved by any person in the winding up, fails to inform the liquidator as soon as practicable; or
after the commencement of the winding up, prevents the production of any book and paper affecting or relating to the property or affairs of the company, 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.
Insolvency 144
Such a person commits an offence if after the commencement of the winding up, he attempts to account for any part of the property of the company by fictitious losses or expenses; and he is deemed to have committed that offence if he has so attempted at any meeting of the company’s creditors within the 12 months immediately preceding the commencement of the winding up.
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.
It is a defence for —
a person charged under subsection (1)(a), (b) or (c) to prove that he had no intent to defraud; and
a person charged under subsection (1)(e) to prove that he had no intent to conceal the state of affairs of the company or to defeat the law.
Terms defined in s 3
books and papers
Defined · s 3“books and papers” include accounts, deeds, writing and documents;
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.
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