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MAY 15, 1985
+ THE EFFECT OF INCREASING THIS LIMIT WILL BE TO ENABLE THE OFFICIAL RECEIVER TO USE THE SUMMARY PROCEDURE IN A GREATER NUMBER OF CASES AND SO REDUCE THE WORKLOAD OF HIS OFFICE, + HE SAID.
MR HIGGINSON EXPLAINED THAT THE LIMIT OF $10 000 HAD NOT BEEN CHANGED SINCE THE SUMMARY PROCEDURE WAS INTRODUCED IN 1976.
HE ADDED THAT THE WHITE PAPER ON THE REFORM OF THE INSOLVENCY LAW RECENTLY PUBLISHED IN THE UNITED KINGDOM
RECOMMENDED THAT A SIMILAR LIMIT IN THE BRITISH ACT BE INCREASED TO 15 000 STERLING.
KONG.
+A FIGURE OF $200 000 IS THEREFORE APPROPRIATE FOR HONG
+ THE OPPORTUNITY HAS ALSO BEEN TAKEN TO SIMPLIFY THE SUMMARY PROCEDURE,+ HE SAID.
THE THIRD AMENDMENT PROPOSED WAS TO CREATE A MINIMUM LIMIT OF $100 000 TO THE AMOUNT OF CREDITOR'S FUNDS WHICH MAY BE INVESTED, AT THE REQUEST OF THE COMMITTEE OF INSPECTION, BY THE OFFICIAL RECEIVER FOR THE BENEFIT OF THE CREDITORS.
THE BILL ALSO SOUGHT TO LIMIT THE INTEREST PAYABLE ON SUCH FUNDS TO A MAXIMUM OF 3.5 PER CENT PER ANNUM OR SUCH OTHER RATE AS MAY BE FIXED BY THE FINANCIAL SECRETARY, MR HIGGINSON CONTINUED.
+THE INTEREST IN EXCESS OF 3.5 PER CENT ON SUMS OF OVER $100 000 AND THE INTEREST ON SUMS OF LESS THAN $100 000 INVESTED BY THE OFFICIAL RECEIVER SHALL BE TRANSFERRED TO THE GENERAL REVENUE.
+ IT IS ESTIMATED THAT THE INTRODUCTION OF THIS MEASURE WILL GO SOME WAY TOWARDS MEETING THE COST OF THE OFFICIAL RECEIVER'S OFFICE, HE SAID.
MR HIGGINSON ADDED THAT THE BILL ALSO PROVIDED FOR THE INCREASE OF SOME MINOR FEES WHICH HAD NOT BEEN RAISED SINCE 1977 ALONG WITH CONSEQUENTIAL AMENDMENTS TO THE COMPANIES (WINDING-UP) RULES.
DEBATE ON THE BILL WAS ADJOURNED.
100