Insolvency Act · 2022 Revised Edition · Part · Judicial Management
41. Vacation of office and release
Official textFrom Attorney General's Chambers, unchanged
The judicial manager of a company may at any time be removed from office by order of the Court and may, with leave of the Court and subject to such conditions as the Court may impose, resign his office by giving notice of his resignation to the Court.
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;
The judicial manager of a company shall vacate office if —
being a public accountant at the time of his appointment, he ceases to be a public accountant; or
the judicial management order is discharged.
Where at any time a person ceases to be a judicial manager of a company whether by virtue of this section or by reason of his death —
any sum payable in respect of any debt or liability incurred while he was a judicial manager under contracts entered into by him in the carrying out of his functions; and
any remuneration and expenses properly incurred by him, shall be charged on and paid out of the property of the company which is in his custody or under his control in priority to all other debts.
Where a person ceases to be a judicial manager of a company, he shall, from such time as the Court may determine, be released from any liability in respect of any act or omission by him in the management of the company or otherwise in relation to his conduct as a judicial manager but nothing in this section shall relieve him of any of the liabilities referred to in section 48(4).
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
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
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