Insolvency Act · 2022 Revised Edition · Part 10
231. Effect of appointment of Executive Manager
Official textFrom Attorney General's Chambers, unchanged
On the appointment of an Executive Manager —
Executive Manager
“Executive Manager” means a person appointed as such under section 230(1);
any petition for the winding up of the company or for the appointment of a judicial manager shall be dismissed; and
any receiver or manager of all or any part of the property of the company shall vacate office on being required to do so by the
Executive Manager.
During the period for which an Executive Manager is in office —
no resolution may be passed or order made for the winding up of the company;
no steps may be taken to enforce any security over the property of the company, or to repossess goods in the possession of the company under any hire-purchase agreement, conditional sale agreement, chattels leasing agreement or retention of title agreement, except with the consent of the Executive Manager; and
no other legal proceedings (including a petition for a judicial management order) and no execution or other legal process may be commenced or continued, and no distress may be levied, against the company or its property except with the consent of the Executive
Manager, provided that the Minister may at any time present a petition for a judicial management order.
Terms defined in this Act
chattels leasing agreement
Defined · s 3“chattels leasing agreement” means an agreement for the bailment of goods which is capable of subsisting for more than 3 months;
company
Defined · s 3“company” means a company incorporated or registered under the Companies Act;
Executive Manager
Defined · s 3“Executive Manager” means a person appointed as such under section 230(1);
hire-purchase agreement
Defined · s 3“hire-purchase agreement” has the meaning assigned to it in the Hire-Purchase Order, 2006;
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.
retention of title agreement
Defined · s 3“retention of title agreement” means an agreement for the sale of goods to a company, being an agreement — (a) which does not constitute a charge on the goods; but (b) under which, if the seller is not paid and the company is wound up, the seller will have priority over all other creditors of the company as respects the goods or any property representing the goods;
security
Defined · s 3“security” means any mortgage, charge, lien or other security interests;