Insolvency Act · 2022 Revised Edition · Chapter V
88. Distribution of property of company amongst members
Official textFrom Attorney General's Chambers, unchanged
Subject to the provisions of this Act as to preferential payments, the property of a company in a voluntary winding up shall, on the winding up be applied in satisfaction of the company’s liabilities pari passu and subject to such application, (unless the articles of the company otherwise provide) be distributed among the members according to their rights and interests in the company.
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.
Terms defined in s 3
company
Defined · s 3“company” means a company incorporated or registered under the Companies Act;
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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