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Insolvency legal framework strengthened in Brunei

THE Ministry of Finance and Economy yesterday announced that His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam consented for the introduction of the Insolvency (Winding Up) Rules, 2018 and Insolvency (Insolvency Practitioners) Rules, 2018 which are aimed at further strengthening the insolvency legal framework in Brunei Darussalam. The new rules took effect from September 19.

The Insolvency (Insolvency Practitioners) Rule, 2018 commences the provisions of Part VIII – Insolvency Practitioners and their qualifications in the Insolvency Order, 2016 and provides for the administration and supervision of insolvency practitioners who are tasked to increase the recovery rate of a company.

With the introduction of Insolvency (Insolvency Practitioners) Rules, 2018, the companies may nominate a liquidator that is registered with the authorising body to act and manage the insolvent company. Further information on application to act as a liquidator can be obtained at the Registry of Companies and Business Names, Ministry of Finance and Economy.

Further information regarding the Insolvency (Winding Up) Rules, 2018 and Insolvency (Insolvency Practitioners) Rules, 2018 are available on www.mof.gov.bn. The hardcopy of the rules are available for sale at the Government Printing Department or alternatively they can be downloaded from the website of the Attorney General’s Chambers at www.agc.gov.bn.

Courtesy of Borneo Bulletin, Sunday September 23, 2018

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