Insolvency Act · 2022 Revised Edition · Part · Judicial Management
48. Duty to apply for discharge of judicial management order
Official textFrom Attorney General's Chambers, unchanged
The judicial manager of a company shall apply to the Court for the judicial management order to be discharged if it appears to him that the purpose or each of the purposes specified in the order has been achieved or is incapable of achievement.
company
“company” means a company incorporated or registered under the Companies Act;
On the hearing of an application under this section, the Court may —
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
by order —
discharge the judicial management order and make such consequential provision as it thinks fit; or
adjourn the hearing conditionally or unconditionally; or
make an interim order or any other order that it thinks fit.
Insolvency
Where the judicial management order is discharged, the judicial manager shall immediately send to the Registrar a copy of the order effecting the discharge.
Subject to paragraph (b), where a judicial management order has been discharged under this Part or where a person ceases to be a judicial manager pursuant to section 41, the judicial manager may apply to the Court for his release and the Court may, if it thinks fit, make an order releasing him from liability in respect of any act or omission by him in the management of the company or otherwise in relation to his conduct as judicial manager.
Any such release shall not relieve him from liability for any misapplication or retention of money or property of the company or for which he has become accountable or from any law to which he would be subject in respect of negligence, default, misfeasance, breach of trust or breach of duty in relation to 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