COMPANIES ACT 2016 - bankrupt 《2016 年公司法》- 破产
Unless the context otherwise requires, any reference in this Act to a person being or becoming bankrupt or to a person assigning his estate for the benefit of his creditors or making an arrangement with his creditors under any written law relating to bankruptcy or to a person being an undischarged bankrupt or to any status, condition, act, matter or thing under or in relation to the law of bankruptcy shall be construed as including a reference to a person being or becoming bankrupt or insolvent or to a person making any such assignment or arrangement or to a person being an undischarged bankrupt or insolvent or to the corresponding status, condition, act, matter or thing, as the case requires, under any written law relating to bankruptcy or insolvency.
Under the Companies Act 2016, references to bankruptcy are to be interpreted broadly so as to include the corresponding concepts of insolvency, unless the context requires otherwise. This is an interpretative provision designed to ensure that the Act remains effective despite changes in insolvency legislation or terminology.
Accordingly, whenever the Companies Act refers to a person:
• being or becoming bankrupt;
• assigning his or her estate for the benefit of creditors;
• entering into an arrangement or compromise with creditors under bankruptcy legislation;
• being an undischarged bankrupt; or
• having any status, condition, act, matter, or circumstance arising under bankruptcy law,
those references are to be read as including the equivalent concepts under any written law relating to bankruptcy or insolvency. This includes a person who is or becomes insolvent, enters into a statutory arrangement with creditors under insolvency legislation, remains an undischarged insolvent, or is subject to any corresponding legal status or proceeding under insolvency law.
The provision recognises that insolvency laws may evolve over time, including changes to terminology, legislative frameworks, or legal procedures. Rather than limiting the operation of the Companies Act to references found only in traditional bankruptcy legislation, this provision ensures that equivalent concepts under successor or related insolvency laws are treated in the same manner.
This approach promotes continuity in the application of the Companies Act and avoids uncertainty where legislative reforms replace or expand the legal framework governing personal bankruptcy and insolvency. It also ensures that statutory disqualifications, eligibility requirements, duties, restrictions, and legal consequences linked to bankruptcy continue to apply to equivalent insolvency situations.
06 Aug 2026