Speech by Mr G.A. Higginson, Secretary for Economic Services, in the Legislative Council
on 15 May 1985
Companies Ordinance (Chapter 32)
Companies (Winding-up) (Amendment) Rules 1985 Companies (Fees and Percentages) (Amendment) Order 1985
Sir,
I move the resolution standing in my name on the
Order Paper.
2.
The Companies (Winding-up) (Amendment) Rules 1985,
and the Companies (Fees and Percentages) (Amendment) Order
1985, which were made by the Chief Justice on 4 May 1985,
increase certain of the fees and charges payable to the
Official Receiver under the Companies Ordinance, and make
minor improvements to the winding-up procedure.
3.
The most significant of these proposals increases
from $1,000 to $10,000 the deposit payable by a petitioner
upon presentation of a petition for winding-up under
section 22A(1) of the Companies (Winding-up) Rules, and
introduces a minimum fee of $10,000 chargeable under the
Companies (Fees and Percentages) Order where the Official
Receiver acts as liquidator of a company.
4.
At present, the cost to a prospective petitioner
is minimal and petitions are frequently presented when
there is no real hope of a meaningful dividend. The