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Ord. No. 38/87
Amendment of
section 294.
Repeal and replacement of section 295.
COMPANIES (AMENDMENT) (NO. 2)
"The liquidator shall, when the account has been audited or, when he has been notified that the Official Receiver has decided that the account need not be audited, cause the account"; and
(e) by inserting, after subsection (5), the following-
"(6) Notwithstanding the fact that a liquidator has been notified that the Official Receiver has decided that the account need not be audited, the Official Receiver may subsequently cause the account to be audited, and in that event-
(a) a copy of the audited account shall be filed and kept by the Official Receiver, and a further copy shall be delivered to the court for filing, and each copy shall be open, upon payment of the prescribed fee, to the inspection of any creditor or any person having an interest; and
(b) the liquidator shall cause the audited account or a summary thereof to be printed, and shall send a printed copy of the account or summary by post to every creditor and contributory:
Provided that the Official Receiver may in any case dispense with compliance with this paragraph.”.
3. Section 294(2) of the principal Ordinance is amended by deleting "to the Official Receiver to the credit of the Companies Liquidation Account, and for that purpose may direct the sale of such part of the said securities as may be necessary” and substituting the following—
"to the Companies Liquidation Account, and for that purpose may direct the withdrawal of such part of any money placed on deposit or the sale of such part of the securities referred to in subsection (1), as may be necessary".
4.
Section 295 of the principal Ordinance is repealed and replaced by the following-
"Separate accounts of particular estates.
295. (1) The Official Receiver shall keep an account of the receipts and payments in the winding up of each company.
(2) When the cash balance standing to the credit of the account of any company exceeds by $100,000 or more the amount which, in the opinion of the committee of inspection or where there is no committee of inspection in the opinion of the liquidator, is required for the time being to answer demands in respect of the company's estate, the Official Receiver shall, on the request of the committee of inspection or where there is no committee of inspection on the request of the liquidator, invest the amount of such excess on fixed deposit or on deposit at call with such bank as the Official Receiver thinks fit or in Government securities (including securities issued by the Government of the United Kingdom), to be placed to the credit of the account of the company.
5.
COMPANIES (AMENDMENT) (NO. 2)
Ord. No. 38/87
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(3) When any part of the money so invested is, in the opinion of the committee of inspection or where there is no committee of inspection in the opinion of the liquidator, required to answer any demands in respect of the estate of the company, the Official Receiver shall, on the request of the committee of inspection or where there is no committee of inspection on the request of the liquidator, raise such sum as may be required by the withdrawal of such part of any money placed on deposit or by the sale of such part of the securities referred to in subsection (2), as may be necessary.
(4) Out of the interest paid on the investments made under this section, an amount equal to 14% per annum (or such other rate as may be fixed by the Financial Secretary for the purposes of this section by notice published in the Gazette) of the money invested shall be paid to the credit of the Official Receiver and the balance shall be paid to the credit of the company.
(5) The Official Receiver shall on or before 31 March in each year transfer to the general revenue the accumulated amount paid to his credit under subsection (4).”.
Section 296 of the principal Ordinance is amended-
(a) in subsection (2) by inserting after "rules" the following—
"and orders";
(b) in subsection (3) by inserting after "Legislative Council," the
following-
"by order"; and
(c) by inserting after subsection (3) the following--
(38 of 1987.)
"(4) The amount of any fees prescribed under this section shall not be limited by reference to the amount of administra- tive or other costs incurred or likely to be incurred by the Official Receiver in the winding up of companies or of any particular company.
(5) Without prejudice to the generality of subsection (4), fees referred to in that subsection may be fixed by reference to a scale of fees and percentages.
(6) Rules or orders made under this section may author- ize the court to fix any fee or to vary the amount of any fee otherwise prescribed.
(7) No fee prescribed under this section shall be invalid by reason only of the amount of that fee.
(8) Fees required to be paid under rules or orders made under this section shall be recoverable as a debt.
(9) Rules or orders made under this section before the commencement of the Companies (Amendment) (No. 2) Ordinance 1987 and in force immediately before such com- mencement shall have effect as from the commencement of
Amendment of section 296.