Section 140
of International Business Companies Order, 2000
Section 140
(1)
If a foreign international company goes into liquidation or is dissolved in its place of incorporation or origin –
(a)
the registered agent shall, immediately after the commencement of the liquidation or dissolution or within such further time as the Registrar in special circumstances allows, lodge or cause to be lodged with the
Registrar notice of that fact and, when a liquidator is appointed, a notice of such appointment;
(b)
the Registrar shall, after receipt of the notice, forthwith appoint a liquidator and, until the winding-up of its affairs in Brunei Darussalam is completed, the foreign international company shall be deemed to continue to exist in Brunei Darussalam; and
(c)
the Court shall be deemed to have ordered that it be wound up.
(2)
The liquidator appointed by the Registrar shall get in all the assets of the foreign international company situate or recoverable in Brunei Darussalam and shall, in so doing, have all the powers of a liquidator of an IBC.
(3)
Before paying or transferring to a foreign liquidator of a foreign international company in the place where it was formed or incorporated any of the assets got in within Brunei
Darussalam, the liquidator appointed by the Registrar shall –
(a)
pay to the Registrar all penalties, costs, fees and charges due and owing;
Incorporating amendments until S 53/2017
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(b)
pay the amount of all fees payable under the applicable legislation of
Brunei Darussalam; and
(c)
pay to any person resident in Brunei Darussalam to whom, at the time of the appointment of the liquidator in Brunei Darussalam, any debt incurred bona fide by a foreign international company in respect of supply of services to or for the foreign international company is due, the amount of such debt, and such penalties, costs, fees, charges, taxes and debts shall be a charge upon the assets of the foreign international company ranking after the costs of the liquidator appointed by the
Registrar but in priority to all other charges and claims whatsoever.
(4)
The provisions of this Order relating to the striking-off from the register of the names of defunct companies shall apply mutatis mutandis to a foreign international company.
Names of foreign international companies.