Financial and Monetary Affairs 81
Companies Ordinances, applies for disqualification orders against unfit company directors of wound-up companies, monitors the conduct of outside liquidators and trustees, and monitors the funds held by liquidators in both compulsory and voluntary liquidations.
During the year, the court made 10 779 bankruptcy orders, 1 721 interim orders in individual voluntary arrangements and 468 winding-up orders, compared with last year's respective figures of 11 063, 1 883 and 455. The assets realised by the Official Receiver during 2008 amounted to $153.6 million, while $135.6 million in dividends was paid to creditors in 2 012 insolvency cases.
Professional Accountancy
Hong Kong had 27 885 certified public accountants at year-end. Of these, 3 680 were certified public accountants (practising), who are in public practice and may perform statutory audits. There were 1 179 firms of certified public accountants (practising) and 254 corporate practices registered at year-end.
The Hong Kong Institute of Certified Public Accountants (HKICPA) operates a largely self-regulatory framework under the Professional Accountants Ordinance. The institute is vested under the ordinance with a wide range of responsibilities, such as registering certified public accountants; maintaining financial reporting, auditing and ethical standards for the profession; and conducting training programmes and qualifying examinations.
Since the Financial Reporting Council became fully operational in July 2007, it took over from the HKICPA the investigation of cases concerning audit irregularities and accounting non-compliances relating to listed companies.
Financial Links between Hong Kong and the Mainland
As an international financial centre located at the heart of Asia with strong global linkages, Hong Kong provides a premium platform for Mainland enterprises to access international capital through its banking, equity and debt markets. Being a city in China and Asia's world city, Hong Kong is at the best strategic location for being a gateway for global enterprises and investors to explore the potential of the Mainland. Hong Kong's banks have also maintained a strong presence in the Mainland, while more Mainland enterprises got listed in Hong Kong. Over time, demand for a wide range of financial support services would increase with trade and investment flows between the Mainland and the rest of the world.
The smooth and orderly development of Renminbi business facilitates cross- boundary tourist spending in Hong Kong and helps promote economic integration between Hong Kong and the Mainland. Further development of Renminbi business is expected to enhance the capability of Hong Kong's financial system to handle Renminbi transactions, which is an important step in strengthening the status of Hong Kong as an international financial centre.
There has been a steady flow of cross-boundary funds among financial institutions in both places. Over the years, the Mainland has accumulated a