Insolvency Act · 2022 Revised Edition · Part 10
233. Powers of Executive Manager
Official textFrom Attorney General's Chambers, unchanged
The Executive Manager has the power to do all things as may be necessary for —
Executive Manager
“Executive Manager” means a person appointed as such under section 230(1);
the management of the affairs, business and property of the company; and
the discharge of his duties.
Without prejudice to the generality of subsection (1), the
Executive Manager has —
the powers specified in Schedule 2; and
the power to remove any director of the company and to appoint any person to be a director of the company.
A person dealing with the Executive Manager in good faith and for value is not concerned to inquire whether the Executive Manager is acting within his powers.
The Executive Manager has the power to dispose of any property of the company which is subject to a security, on such terms (whether as to the disposition of the proceeds of such disposal or otherwise) as may be prescribed.
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.
Insolvency 188
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
In exercising his powers and discharging his duties, the
Executive Manager —
is deemed to act as the agent of the company;
shall not be held to have adopted any contract (including any contract of employment) except where he states in writing his intention to do so; and
shall not incur personal liability on any contract entered into by him or which he causes the company to enter into (except in so far as the contract otherwise provides).
Any sums payable in respect of debts or liabilities of the company incurred while the Executive Manager was in office, under contracts entered into by him or which he causes the company to enter into, or contracts (including contracts of employment) adopted by him, shall be charged on and paid out of any property of the company which was in his custody or under his control at that time, in priority to all other liabilities of the company.
company
“company” means a company incorporated or registered under the Companies Act;
Terms defined in s 3
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);
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.
security
Defined · s 3“security” means any mortgage, charge, lien or other security interests;