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 LATEST NEWS


 November 2017

 Extension of time for migration of Brunei International Companies (IBC) - The deadline on all Brunei International Business Companies (IBC) for compulsory wound up or migrant has been extended to 30th June 2018.





 June 2017

 Update Notice - The Government Gazette May 2017 amendments to the Companies Act and Insolvency Order is now available to our clients upon request for those who we have missed out in our circulation

 Please click Read More to view the gazette.





 Notice - Companies Act amended with effective date 6 May 2017



 The Ministry of Finance announced that His Majesty Sultan Haji Hassanal Bolkiah  Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi  Waddien, Sultan and Yang Di-Pertuan of
 Brunei Darussalam has consented for the  introduction of the Companies Act (Amendment) (No 2) Order, 2017 which is aimed to  improve the ease of doing business by strengthening the rights of minority shareholders.

 The Order takes effect from May 6, 2017 and includes amendments which instil greater  transparency in the Act by increasing disclosure requirements.

 Among the amendments are the requirement for a meeting for the passing of special  resolution to be called by notice in writing, giving not less than 21 days; giving members  the right to attend any general meeting of the
 company and speak on any resolution  before the meeting; and requirement for every director to disclose their interest in  transactions of property, offices etc.

 As of this date, the amendment is not available to the Companies in general. Our  request to the Registrar of Companies for a copy has been futile because it is yet to  be printed. As soon as it is available, we shall have it
 for our clients with subsidiaries  or a branch of their public listed company in Brunei for their securities exchange  compliance requirements.

 Brunei International Business Companies (IBC) is winding down

 Brunei International Business Companies (IBC) and the Brunei Offshore Companies related landscape is winding down and is projected to be fully closed by the 24th December 2017.

 This means that IBCs are, to either migrate to another jurisdiction or wind-up. Most of the work for migration, if not all, for the simple IBC can be done by their respective Registered Agents without the need for
 lawyers.

 However, please note that there are certain instances where a Brunei lawyer needs to be appointed, such as in circumstances where court orders need to be obtained. We will be able to advise IBCs and RAs on
 any matters relating to the winding-up and migration of IBCs out of the Brunei Offshore jurisdiction including companies that has already been struck out. Attached is a notice of the closing issued by the
 AMBD dated 22nd December 2016.



 November 2016 Robin Cheok attended Handling Financial Experts in Court

 

 Robin Cheok was one of the five lawyers from Brunei who attended and passed the two days course last November 2016 on Handling Financial Experts in Court organized by the Bar Council Training Committee
 of Malaysia.

 The Course was attended by more that 24 lawyers including very senior lawyers from as far as Africa. Conducting the course were litigators with enormous experience including Russell Coleman, SC (Hong Kong),
 Anna Anandale SC (South Africa), David Unterhalter SC (South Africa), Claire Blanchard QC (United Kingdom), Sharise Weiner J (South Africa), Matthew Howard SC and YA Dato’ Mary Lim Thiam Suan, judge of
 the Court of Appeal in Malaysia.

 

 

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Cheok Advocates & Solicitors
14, Level 1, Jaya Setia Square, Spg 13, Jln Komersial Jaya Setia, Berakas, Bandar Seri Begawan BB2713 Brunei Darussalam
Tel: +673 2339119 (6 Lines)
Fax: +673 2339499, +673 2338194

E-mail:robincheok@cheoklaw.com
Website:www.cheoklaw.com