Bankruptcy cases up in 2015, debtors getting more help

National 1 minute, 35 seconds

BANDAR SERI BEGAWAN

THERE has been a rise in the number of bankruptcies filed between 2010 and 2015, the Chief Justice said yesterday.

Dato Seri Paduka Hj Kifrawi Dato Paduka Hj Kifli said that last year the court recorded 672 notices filed for bankruptcy compared to 384 in 2014.

However, rescission (the cancellation of a contract) saw an increase to 97 in 2015 from 80 in 2014 and Receiving Order saw a drop to 408 in 2015 from 487 in 2014.

The Chief Justice noted that despite the rise in bankruptcies, there has been an exceptionally high number of rescissions of the Receiving Orders and discharges of Adjudication Orders from 18 in 2010 to 95 in 2015 and one in 2010 to 10 in 2015, respectively.

“What this means is that there have been more judgement debtors who have been able to be released from bankruptcy proceedings than previously,” he said.

This is indicative of banks allowing judgement debtors to consolidate their debts and providing them with bridging and restructuring loans to help them get out of their predicament.

“This is a welcoming initiative which I hope will continue,” said the Chief Justice.

The statistics from 2014 to 2015 show that criminal cases brought to court saw a slight increase across the two districts with the exception of Brunei-Muara recording 934 more criminal cases last year than the 1,506 criminal cases in 2014.

In Temburong, the number of criminal cases brought to the court saw a drastic rise from zero cases recorded up to 26 in 2015.

Meanwhile, juvenile traffic cases also saw an increase from three in 2014 to 13 cases in 2015.

Judiciary revenue increased in 2015 with the court collecting $5,120,655.50 in total compared to $4,987,759.38 in 2014.

The State Judiciary Department yesterday held the opening of the Legal Year held at the High Court Building-Supreme Court in the capital that was attended by HRH Princess Hjh Muta-Wakkilah Hayatul Bolkiah.

During the event, the Chief Justice inspected the Police Guard of Honour before proceeding to the High Court to deliver their speeches to mark the occasion.

The Brunei Times