Insolvency Act · 2022 Revised Edition · Part 3
30. Payments of certain debts out of assets subject to floating charge in priority to claims under charge
Official textFrom Attorney General's Chambers, unchanged
Where a receiver or manager is appointed on behalf of the debenture holders of a company secured by a floating charge or possession is taken by or on behalf of debenture holders of any property comprised in or subject to a floating charge, then, if the company is not at the time in the course of being wound up —
company
“company” means a company incorporated or registered under the Companies Act;
Insolvency
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
debts which in every winding up are preferential debts and are due by way of wages, salary, retrenchment benefit or ex gratia payment, vacation leave or superannuation or provident fund payments; and
any amount which in a winding up is payable in pursuance of section 147(6) or (8), shall be paid out of any assets coming to the hands of the receiver or manager, in priority to any claim for principal or interest in respect of the debentures.
For the purposes of subsection (1), the references in section 147(1)(d), (e), (f) and (g) to the commencement of the winding up shall be read as a reference to the date of the appointment of the receiver or manager or of possession being taken as aforesaid, as the case requires.
Any payment made under this section shall be recovered as far as may be out of the assets of the company available for payment of general creditors.
Terms defined in s 3
company
Defined · s 3“company” means a company incorporated or registered under the Companies Act;
floating charge
Defined · s 3“floating charge” means a charge which, as created, was a floating charge, and includes a floating charge within the Companies Act;
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