Section 31
of Registered Agents and Trustees Licensing Order, 2000
Section 31
(1)
The Authority may revoke a licence –
(a)
if the licensee has not commenced the business to which the licence relates in or from within Brunei Darussalam within six months of the date of the grant of his licence;
(b)
if the licensee ceases to carry on business to which the licence relates in or from within Brunei Darussalam;
(c)
if the licensee has made any arrangement or composition with its creditor:
(d)
if it appears to the Authority that the licensee is, or is likely to be, unable to meet its obligations as they fall due;
(e)
if the licensee –
(i)
is in liquidation;
(ii)
is wound-up; or
(iii)
is otherwise in the process of being dissolved;
(f)
if the Authority considers that the continued existence of the licence is prejudicial to –
(i)
the interests of any interested person;
(ii)
the reputation and integrity of Brunei Darussalam in financial or commercial matters;
(iii)
the best economic interests of Brunei Darussalam; or
(iv)
the peace and security of Brunei Darussalam,
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or if there exist in relation to the licence or the licensee any of the matters described in paragraphs (a) to (d) of section 9(3) the Authority may have regard to the matters described in section 9(4));
(g)
if the licensee fails to comply with any direction given to it by the
Authority;
(h)
if the licensee fails to pay any licence fee due; or
(i)
if the licensee wilfully acts in contravention of any other provision of this Order or of any written law.
(2)
Where the Authority intends to revoke a licence, he shall –
(a)
serve a notice in writing on the licensee stating –
(i)
his intention to revoke the licence;
(ii)
the grounds on which he intends to revoke the licence (save in respect of any confidential information the disclosure of which, in the opinion of the Authority, would be prejudicial to a third party);
(iii)
that the applicant has twenty-eight days (or such shorter period as the Authority considers appropriate in the interests of any interested person, not being less than two business days) from receipt of the notice in which to make written representations to the Authority as to why the licence should not be revoked; and
(b)
consider any written representations made in response to a notice served under paragraph (a) and received by him within the period specified under paragraph
(a)
before deciding whether or not to revoke the licence.
(3)
Not earlier than after the receipt of any representations made in response to a notice served under subsection (2) or the expiration of the period specified in subsection
(2)
(iii), if no such representation have been made, the Authority shall either –
(a)
serve a notice in writing on the licensee stating –
(i)
that the licence has been revoked;
(ii)
the grounds on which it has been revoked (but subject to the same proviso in relation to confidentiality in subsection (2)(ii); and
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(iii)
a reference to the Authority’s power under subsection (1) to revoke a licence;
(b)
serve a notice in writing on the licensee that he no longer intends to revoke the licence.
(4)
At any time after the Authority has served a notice under subsection (2), the
Authority may apply to the Court for such order for the appointment of another person as a new trustee of a qualifying trust and such supplemental or incidental orders or directions as the
Court considers necessary or expedient for giving effect to such appointment including, such order as it may make under Part VII of the International Trusts Order, 2000.
(5)
Subject to a request from the licensee concerned that the revocations shall take effect earlier, a revocation of a licence shall take effect immediately or at a date fixed by the
Authority but not later than three months after the service of the notice provided for in subsection (4).
(6)
Except where the person concerned has appealed against the decision to revoke its licence, the Authority shall cause notice of the revocation to be published in the Gazette.
Revoked licence; cessation of business.