The Ministry of Finance has announced that His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam has consented for the introduction of the Insolvency (Amendment) Order 2017; Insolvency (Winding Up) (Fees) Rules, 2017; and Insolvency (Judicial Management) Rules, 2017 which is aimed to further strengthen the insolvency legal framework in Brunei Darussalam and are to take effect from today the 29th of May 2017.
The Insolvency (Amendment) Order 2017 includes amendments which give greater creditors participation in any insolvency matters of a company. With these amendments the nomination of a liquidator is to be approved by the creditors. Also the creditor has the right to access all information about insolvency proceedings relating to the company including financial records of the company so as to ensure that the creditors are well informed on the company financial position. By further strengthening the creditor's protection and participation in insolvency proceedings it is hoped that it will improve the rate of recovery for the creditors of an insolvent company.
Source: Radio Television Brunei