Insolvency Act · 2022 Revised Edition · Part · Judicial Management
34. Effect of application for judicial management order
Official textFrom Attorney General's Chambers, unchanged
During the period beginning with the making of an application for a judicial management order and ending with the making of such an order or the dismissal of the application —
no resolution shall be passed or order made for the winding up of the company;
company
“company” means a company incorporated or registered under the Companies Act;
no steps shall be taken to enforce any charge on or security over the company’s property or to repossess any goods in the company’s possession under any hire-purchase agreement, chattels leasing agreement or retention of title agreement, except with leave of the Court and subject to such conditions as the Court may impose;
security
“security” means any mortgage, charge, lien or other security interests;
and
no other proceedings and no execution or other legal process shall be commenced or continued and no distress may be levied against the company or its property except with leave of the Court and subject to such conditions as the Court may impose.
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
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
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;
Court
Defined · s 3“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
hire-purchase agreement
Defined · s 3“hire-purchase agreement” has the meaning assigned to it in the Hire-Purchase Order, 2006;
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.
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;
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