Section 117
of International Business Companies Order, 2000
Section 117
(1)
This section applies to charges by foreign international companies in respect of property situated in Brunei Darussalam if:
(a)
the company creates the charge whilst registered under Part XI;
(b)
the company has previously created the charge prior to registration, but subsequently registers under Part XI.
(2)
In respect of such a charge –
(a)
the company or any other person interested in the charge may cause;
(i)
a statement giving a short description of the nature of the instrument by which the charge was created, the property charged, the amount thereby secured, and the names of charges or persons entitled to the benefit thereof; or
(ii)
a certified copy of the charge, to be lodged with the Registrar for filing within forty-two days after the date on which the charge was created where the charge was created whilst the international company was registered under Part XI, and within forty-two days after the registration of the company under Part
XI where the charge was created prior to registration under Part
XI; and
(b)
the company shall give notice in writing to all other persons interested in the charge of the fact of the registration of the company under Part
XI, and such notice shall be given to such persons within fifteen days of the registration of the company under Part XI.
(3)
Where,in relation to any charge to which this section applies –
(a)
notice has been given to all persons interested in the charge pursuant to paragraph (b) of subsection (2); and
(b)
a statement or certified copy of the charge is not lodged with the
Registrar pursuant to paragraph (a)(i) or (a)(ii) of subsection (2),
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
94
BLUV as at 20th June 2017
the charge shall, so far as any security on the company’s property is conferred thereby and without prejudice to any contract or obligation for repayment of the money thereby secured, be void against a liquidator and any creditor of the company.
(4)
Where, in relation to any charge to which this section applies, notice is not given to all persons interested in the charge pursuant to paragraph (b) of subsection (2), the company and every officer in default is guilty of an offence and liable upon conviction to a fine not exceeding fifty thousand dollars.
(5)
Nothing in this section shall render void any charge to which this section applies where notice has not been given by the company to all other persons interested in the charge pursuant to paragraph (b) of subsection (2).
Register of charges to be kept by Registrar.