Insolvency Act · 2022 Revised Edition · Chapter IV
87. Final meeting prior to dissolution
Official textFrom Attorney General's Chambers, unchanged
As soon as the affairs of the company are fully wound up, the liquidator shall make up an account of the winding up, showing how it has been conducted and the property of the company has been disposed of, and thereon shall call a general meeting of the company and a meeting of the company’s creditors for the purpose of laying the account before the meeting and giving an explanation of it.
company
“company” means a company incorporated or registered under the Companies Act;
Each such meeting shall be called by advertisement in the
Gazette specifying the time, place and object of the meeting, and published at least one month before it.
Within one week after the date of the meetings (or, if they are not held on the same date, after the date of the later one), the liquidator shall send to the Registrar a copy of the account, and shall make a return to him of the holding of the meetings and of their dates.
If a quorum is not present at either such meeting, the liquidator shall, in lieu of the return required by subsection (3), make a return that the meeting was duly summoned and that no quorum was present; and on such return being made, the requirement in subsection (3) as to the making of the return is deemed to be complied with.
A liquidator who fails to —
send the copy of the account or make the return; or
call a general meeting of the company or a meeting of the creditors as required by this section, is guilty of an offence and liable on conviction to a fine not exceeding
$1,000, 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.
Insolvency 84
Terms defined in s 3
company
Defined · s 3“company” means a company incorporated or registered under 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.
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