Insolvency Act · 2022 Revised Edition · Part 7
204. Getting in property of company
Official textFrom Attorney General's Chambers, unchanged
This section applies in the case of a company where —
company
“company” means a company incorporated or registered under the Companies Act;
the company enters judicial management;
a receiver is appointed;
the company goes into liquidation; or
a provisional liquidator is appointed, and “office holder” means the judicial manager, receiver, liquidator or provisional liquidator, as the case may be.
Where any person has in his possession or control any property, books, papers or records to which the company appears to be entitled, the
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.
Court may require that person forthwith (or within such period as the Court may direct) to pay, deliver, convey, surrender or transfer the property, books, papers or records to the office holder.
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
Where the office holder —
seizes or disposes of any property which is not property of the company; and
at the time of seizure or disposal believes, and has reasonable grounds for believing, that he is entitled (whether in pursuance of an order of the Court or otherwise) to seize or dispose of that property, subsection (4) applies.
For the purposes of this section, the office holder —
is not liable to any person in respect of any loss or damage resulting from the seizure or disposal except in so far as that loss or damage is caused by the office holder’s own negligence; and
has a lien on the property, or the proceeds of its sale, for such expenses as were incurred in connection with the seizure or disposal.
Insolvency
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.