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Financial and Monetary Affairs
Bankruptcies, Individual Voluntary Arrangement and Compulsory Winding-up The Official Receiver (OR)'s Office ensures that service in personal and corporate insolvencies is of high quality on a par with international standards.
When acting as the trustee-in-bankruptcy or liquidator, the OR or a private sector insolvency practitioner investigates the affairs of the bankrupt or the wound-up company, realises assets and distributes dividends to creditors. The OR also prosecutes insolvency related offences under the Bankruptcy Ordinance and the Companies Ordinance, applies for disqualification orders against unfit company directors of wound-up companies, and monitors the conduct of outside liquidators and trustees, and the liquidation monies.
Statistics on Bankruptcy Orders, Interim Orders in Individual Voluntary Arrangements (IVAs) and Winding-up Orders
Bankruptcy Orders
Interim Orders in IVAS
Winding-up Orders
2010
2011
2012
9,163
7,981
8,178
1,017
840
778
438
333
312
Professional Accountancy
The Hong Kong Institute of Certified Public Accountants (HKICPA), established under the Professional Accountants Ordinance, performs a wide range of functions, such as registering certified public accountants (CPAs); setting and maintaining financial reporting, auditing and ethical standards for the profession; and conducting training programmes and qualifying examinations.
Statistics on CPAs, CPA firms and corporate practices in Hong Kong
Number of CPA
Of which: CPA (Practising)
Number of firms of CPA (Practising)
Number of corporate practices
2010
2011
2012
30,817
32,636
34,423
3,784
3,851
4,012
1,217
1,214
1,228
336
365
392
The Hong Kong Financial Reporting Standards, issued by the HKICPA, apply the International Financial Reporting Standards (IFRS). This is beneficial to Hong Kong because international investors and financial analysts are well acquainted with the IFRS.
The Government works with stakeholders (including the Financial Reporting Council (FRC), a statutory body established to investigate Hong Kong listed companies' auditing and financial
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