Brunei report – Corporate Restructuring and Insolvency in Asia 2020

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Reporter: Nava Palaniandy

Index

A. OVERVIEW

i. Insolvency regime development

B. CORPORATE RESCUE MECHANISM (IN-COURT AND OUT-OF-COURT)

i. Out-of-court workouts

ii. Rescue options under the Insolvency Order, 2016

iii. Voluntary arrangement

a. What is a voluntary arrangement?
b. Who can propose a voluntary arrangement?
c. Moratorium
d. Rescue plan
e. Approval of the rescue plan and its effect
f. Supervision of the process
g. Duties, liabilities and powers of directors during a voluntary arrangement
h. Notification and publicity rules
i. Conversions of proceedings
j. Practical relevance of voluntary arrangement

iv. Judicial management

a. Who can apply for judicial management and on what grounds
b. When can judicial management be applied for?
c. Judicial manager
d. Granting of the judicial management order
e. Moratorium
f. What happens during judicial management?
g. Entitlement to vote at the creditors' meeting
h. Supervision of the process
i. Information disclosure rules
j. Duties, liabilities and residual powers of directors during judicial management
k. Conversion of proceedings
l. Public interest application

v. Voluntary arrangement versus judicial management

C. INSOLVENCY PRACTITIONERS

i. Judicial manager

ii. Nominee/supervisor

D. RESCUE FINANCING

E. ORDINARY AND SPECIAL CONTRACTS

i. Special contracts

F. MISCELLANEOUS

i. Group insolvencies

ii. Micro, small and medium-sized enterprises

iii. Cross-border insolvency

iv. Statistics

APPENDIX OF LEGISLATION REFERRED TO