Section 39
Winding-up provisions
(1)
Without prejudice to the provision of the Insolvency Order, 201 6
(S 112016) -
[S 1/2016]
(a)
a company (whether or not it is being wound up voluntarily)
may be wound up under an order of the court on the petition of the
Authority; and
(bJ the court may order the winding-up of a company if -
(i)
the company has held a licence under this Act and that licence has expired or has been revoked; or
(ii)
the company has carried on financing business or
Islamic financing business in Brunei Darussalam in contravention of the provisions of this Act.
(2)
In the winding-up of a company that has been carrying on financing business or Islamic financing business, the depositors are deemed
B. L.R. 0. 6,13011
40
Finance Conzpanies to be holders of debentures issued to them by the company and secured by a floating charge over all the property and undertaking of the company.
Liquidation of securities by finance company 40.
(1)
As soon as practicable after the making of an order for the winding-up of a finance company, the liquidator of such company shall publish in the Gazette a notice requiring every debtor of the finance company to redeem any property he has deposited with the company as security for any loan or credit facility that he has obtained from the finance company, and shall also send by registered post such notice to every debtor whose security is held by the finance company and whose name is mentioned in the statement of affairs made out under the Insolvency Order, 201 6 (S 11201 6).
[S 1/2 0 1 61
(2)
The notice shall specify the latest date up to which any security may be redeemed, which date shall not be less than 3 months from the date of the notice.
(3)
After the latest date for redeeming any security held by the finance company specified in the notice, the liquidator may proceed to realise any security held by the finance company forthwith, notwithstanding any agreement setting out any other period of redemption previously entered into between the finance company and the debtor.