Section 7
of International Business Companies Order, 2000
Section 7
(1)
Subject to subsections (2) and (3), no member, director, officer, agent or liquidator of an IBC shall be liable for any debt, obligation or default of the IBC, other than to such an extent as any such member, officer, agent or liquidator shall have contracted or be otherwise bound to do whether as principal debtor, guarantor, surety or otherwise in the ordinary course of their business.
(2)
Subsection (1) has effect subject to any specific provision to the contrary in this
Order or any other law for the time being in force or applying in Brunei Darussalam.
(3)
If at any time there is no member of an IBC, any person purporting to do business in the name or on behalf of the IBC shall be personally liable for the payment of all debts contracted during that time and proceedings in respect of those debts may be instituted against that person without the joinder of the IBC or any other person.
Memorandum of an IBC.