WEDNESDAY, MAY 15, 1985
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EACH LIQUIDATION OF THIS SORT COST THE OFFICIAL RECEIVER ALONE AN ESTIMATED $16 000 OR MORE, AND ONLY A SMALL PROPORTION OF THE COST IS RECOVERED IN FEES AND CHARGES.
+THE RESULT OF INTRODUCING A MINIMUM DEPOSIT AND FEE OF $10 077 WILL BE TO DISCOURAGE CREDITORS FROM PETITIONING FROM WINDING UP WHERE THE ASSETS ARE NOT LIKELY TO YIELD A WORTHWHILE DIVIDEND. THIS WILL LEAD TO A CONSIDERABLE SAVING IN TIME, EFFORT AND MONEY, HE SAID.
AS FOR PETITIONERS RECEIVING LEGAL AID, THE MINIMUM DEPOSIT FEE OF $10 000 WOULD BE PAID BY THE LEGAL AID DIRECTOR IN ACCORDANCE WITH PRACTICE.
OTHER AMENDMENTS INCREASED THE CHARGES PAYABLE UNDER THE FEES AND PERCENTAGES ORDER, AND REPLACED THE PERCENTAGE SCALE WITH A FLAT RATE OF 10 PER CENT CHARGEABLE ON THE TOTAL ASSETS REALISED BY THE OFFICIAL RECEIVER.
THERE WAS POWER UNDER SECTION NINE OF THE ORDER FOR THE OFFICIAL RECEIVER TO APPLY TO THE COURT TO REDUCE THE FEE IF IT WOULD PRODUCE AN AMOUNT WHICH, PARTICULARLY IN THE RELATIVELY STRAIGHTFORWARD CASES WHERE THE ASSETS ARE CONSIDERABLE, WOULD NOT BE JUSTIFIED BY THE EFFORT INVOLVED, HE SAID.
AS FOR THE BANKRUPTCY (AMENDMENT) RULES 1985 AND
THE BANKRUPTCY (FEES AND PERCENTAGES) ORDER 1985, MR HIGGINSON SAID, THEY MADE SIMILAR PROVISIONS UNDER THE BANKRUPTCY ORDINANCE TO THOSE HE DESCRIBED FOR THE COMPANIES ORDINANCE.
THE OPPORTUNITY HAD ALSO BEEN TAKEN TO RE-ORGANISE AND REDRAFT THE BANKRUPTCY (FEES AND PERCENTAGES) ORDER IN ITS ENTIRETY, HE SAID.
IN ADDITION, THE MEETINGS OF CREDITORS (AMENDMENT) RULES 1985 EXTENDED, FROM ONE MONTH TO THREE MONTHS AFTER THE DATE OF THE RECEIVING ORDER, THE PERIOD OF TIME ALLOWED FOR THE HOLDING OF THE FIRST MEETING OF CREDITORS.
+THE PURPOSE OF THIS IS TO INCREASE THE INFORMATION ABOUT ASSETS THAT WILL BE AVAILABLE, AND SO INCREASE THE POSSIBILITY OF THE CREDITORS APPOINTING OUTSIDE TRUSTEES,+ MR HIGGINSON SAID.
MOVING THE REGISTERED TRUSTEES INCORPORATION ORDINANCE (AMENDMENT OF SECOND SCHEDULE) ORDER 1985, MADE BY THE GOVERNOR IN COUNCIL ON APRIL 30 THIS YEAR, MR HIGGINSON SAID IT INCREASED SOME OF THE FEES PAYABLE TO THE REGISTRAR OF COMPANIES IN CONNECTION WITH THE INCORPORATION OF REGISTERED TRUSTEES. THE FEES HAD BEEN LAST REVISED IN 1977.
THE NEW FEES WOULD NOT BE A BURDEN ON THE CHARITABLE ORGANISATIONS FOR WHICH THE ORDINANCE PROVIDED, AS, WITH TWO EXCEPTIONS, THEY CONCERNED THE PROVISION OF DOCUMENTS TO THIRD PARTIES ENQUIRING ABOUT THEM.
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