Brunei Sultan Hassanal Bolkiah has consented to amendments to the
Bankruptcy Act (Chapter 67) with effect from December 4, the Attorney General's
Chamber stated yesterday in a press statement.
Among the major amendments to the
Bankruptcy Act were the increase of the debt threshold owed by a debtor to a
petitioning creditor from 500 Brunei dollar (US$409.5) to 1,000 Brunei dollar;
the discharge of a bankrupt from bankruptcy by issuance of a certification
provided at least three years have passed since the date of commencement of the
bankruptcy declaration and his or her debts do not exceed 100,000 Brunei
dollar, and the debtor agrees to relinquish his or her passport or travel
document.
The bankrupt must also hand over
all his or her property to a trustee.
Furthermore, the amendment
includes an agreement that Malaysia and Singapore recognise bankruptcy
declarations if the debtor's property is in Brunei.
The amendments were initiated by
the Committee on the Review of the Legal Framework, Administration and
Management relating to the Bankruptcy and Insolvency Regime chaired by Justice
Hairolarni bin Abdul Majid. Also in attendance were officers from the Prime
Minister's Office, the Judiciary, the Attorney General's Chambers and the
Public Service Commission.
The committee was established by
Bolkiah in 2008 to review the existing bankruptcy legislation.
Syazwan Sadikin
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