Insolvency Act · 2022 Revised Edition · Part 3
24. Provisions as to information where receiver or manager appointed
Official textFrom Attorney General's Chambers, unchanged
Where a receiver or manager of the property of a company or of the property in Brunei Darussalam of any other corporation is appointed —
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.
the receiver or manager shall immediately send notice to the company or such other corporation of his appointment;
there shall, within 14 days after receipt of the notice, or such longer period as may be allowed by the Court or by the receiver, be made out and submitted to the receiver or manager in accordance with section 25, a statement in the prescribed form as to the affairs of the company or such other corporation; and
the receiver or manager shall within one month after receipt of the statement —
lodge with the Registrar, a copy of the statement and of any comment he sees fit to make thereon;
send to the company, a copy of any such comment as referred to in sub-paragraph (i), or if he does not see fit to make any comment, a notice to that effect; and
where the receiver or manager is appointed by or on behalf of the debenture holders of the company or such other corporation, send to the trustees, if any, for those holders, a copy of the statement and his comments thereon.
Insolvency 38
Subsection (1) does not apply in relation to the appointment of a receiver or manager to act with an existing receiver or manager or in place of a receiver or manager dying or ceasing to act; except that, where that subsection applies to a receiver or manager who dies or ceases to act before that subsection has been fully complied with, the references in paragraphs (b)
and (c) thereof to the receiver or manager shall (subject to subsection (3))
include references to his successor and to any continuing receiver or manager.
Where the company is being wound up, this section and section 25 apply notwithstanding that the receiver or manager and the liquidator are the same person, but with any necessary modification arising from that fact.
company
“company” means a company incorporated or registered under the Companies Act;
A person who fails to comply with any of the requirements of this section is guilty of an offence and liable on conviction to a fine not exceeding $2,000 and, in the case of a continuing offence, with a further fine not exceeding $50 for every day or part thereof during which the offence continues after conviction.
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.
Part
Judicial Management
Part
Winding Up of Companies Registered Under Companies Act
Chapter I
Chapter II
Chapter III
Chapter IV
Chapter V
Chapter VI
Chapter VII
Chapter VIII
Chapter IX
Chapter X
Part