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MOF holds briefing on new Insolvency Order, 2016

 

FOLLOWING the recent legislation of the new Insolvency Order, 2016, the Ministry of Finance (MoF) held a briefing session for stakeholders, as part of its outreach programme.

The Insolvency Order, 2016 is intended to create a shift in insolvency culture, with a greater emphasis placed on company rescue and rehabilitation, as well as protection of all creditors and debtors.

 Some new amendments in the Order allow companies facing temporary shortfall and operational difficulties to enter into a voluntary agreement, which will allow them to make a proposal to creditors, for restructuring of debts or reorganising the company, with the main objective of restoring them to profitability.

Yesterday’s outreach programme, held at the MoF building in Commonwealth Drive, was facilitated by Hajah Rena Azlina binti Dato Paduka Haji Abdul Aziz, the Deputy Registrar at the Registry of Companies and Business Names (ROCBN), together with officials from the Attorney General’s Chambers (AGC), State Judiciary Department and the Prime Minister’s Office (PMO).

Hajah Rena Azlina binti Dato Paduka Haji Abdul Aziz (C), Deputy Registrar of the Registry of Companies and Business Names, conducting the briefing

Hajah Rena Azlina binti Dato Paduka Haji Abdul Aziz (C), Deputy Registrar of the Registry of Companies and Business Names, conducting the briefing

Attendees at the briefing. - PHOTOS: AZROL AZMI

Attendees at the briefing. – PHOTOS: AZROL AZMI

Among those present at the briefing were representatives from Autoriti Monetari Brunei Darussalam (AMBD), Brunei Investment Agency, Darussalam Assets Sdn Bhd, Investment Division under the Ministry of Finance, the Brunei Association of Banks, the Brunei Darussalam Deposit Protection Corporation, the Law Society of Brunei Darussalam and the Chambers of Commerce and Industry in Brunei Darussalam.

More information on the Insolvency Order, 2016 can be obtained through www.mof.gov.bn or at www.business.gov.bn. Printed copies of the Order are available for sale at the Government Printing Department, or can be downloaded from www.agc.gov.bn and www.mof.gov.bn.

Courtesy: Borneo Bulletin Wednesday, 27 April 2016
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