FINANCIAL AND MONETARY AFFAIRS
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initiative of the SCP is the development of an Integrated Companies Registry Information System (ICRIS) in two phases. The first phase will include the replacement of the existing computer systems, document imaging, and online searches on current data and digitised images of registered company documents kept in the Registry's database. The second phase will include the implementation of online document registration and company incorporation. Two tenders were invited in late 2001 for the development of Phase I of ICRIS for the Implementation of ICRIS and the Provision of Microfiche and Paper Document Conversion Services. The contracts were awarded in July 2002. It will take about 15 months to complete Phase I.
In 2002, 46 554 new companies were incorporated. During the year, the total nominal capital of new companies registered was $17.30 billion and 5 591 companies increased their nominal capital by $141.26 billion. At year-end, 503 111 local companies were on the register, compared with 510 380 in 2001.
Companies incorporated overseas must register certain documents with the Registry within one month of establishing a place of business in Hong Kong. During 2002, 700 of these were registered. At year-end, 6710 companies from 81 countries were registered.
Money Lenders
Under the Money Lenders Ordinance, anyone wishing to carry on business as a money lender must apply to a licensing court for a licence. The ordinance does not apply to authorised institutions under the Banking Ordinance.
Licence applications are, initially, submitted to the Registrar of Companies as Registrar of Money Lenders. A copy is also sent to the Commissioner of Police who may object to the application. The application is advertised, and any member of the public who has an interest in the matter has the right to object. During the year, 837 applications were received. Altogether, a total of 850 licences were granted, involving both new applications and outstanding applications brought forward from the previous year. At year-end, there were 829 licensed money lenders, including those whose applications for renewing their licences had yet to be approved.
The ordinance provides severe penalties for offences such as carrying on an unlicensed money-lending business. It also provides that any loan made by an unlicensed money lender shall not be recoverable by court action. With certain exceptions (primarily authorised institutions under the Banking Ordinance), any person, whether a licensed money lender or not, who lends or offers to lend money at an interest rate exceeding 60 per cent per annum commits an offence. Any agreement for the repayment of any such loan, or security given in respect of such a loan, is unenforceable.
Bankruptcies, Individual Voluntary Arrangement and Compulsory Winding-up The Official Receiver's Office administers the estates of individuals adjudged to be bankrupt by the court and also companies ordered by the court to be wound up.
The Official Receiver becomes the receiver of an individual debtor or provisional liquidator of a company when a bankruptcy order against the property of the debtor or a winding-up order against the company is made. Where the assets of an estate do not exceed $200,000, the Official Receiver is usually appointed the trustee or the liquidator by way of a summary procedure order. In other cases, a meeting of creditors in bankruptcy, or meetings of creditors and contributories in compulsory