14
WEDNESDAY, JUNE 17, 1987
THE
OF
AS
"THESE LIMITS WERE SET TO CONFORM WITH LIMITS LAID DOWN IN BANKRUPTCY AND COMPANIES ORDINANCES WHICH PROVIDE THAT ARREARS WAGES UP TO THESE AMOUNTS SHALL RECEIVE PREFERENTIAL TREATMENT DEBTS HAVING PRIORITY OVER OTHER CREDITORS' CLAIMS, IN THE EVENT OF AN EMPLOYER'S BANKRUPTCY, HE ADDED.
**
MR PAGLIARI ALSO SAID THE EFFECT OF THE PROTECTION OF WAGES ON INSOLVENCY ORDINANCE PASSED IN 1985 WAS TO REMOVE THE WORKER FROM THE LEGAL ARENA IN WHICH CLAIMS ON A BANKRUPT EMPLOYER WERE SETTLED.
HE SAID THE EMPLOYEE NEEDED ONLY ΤΟ APPROACH THE FUND ΤΟ RECEIVE THE WAGES DUE TO HIM, AND THE FUND WOULD PURSUE THE TO RECOVER THE AMOUNT DUE.
EMPLOYER
"
"IF THE FUND FAILED TO DO SO, IT WOULD CARRY THE LOSS, NOT THE EMPLOYEE FOR WHOM SUCH A LOSS MIGHT HAVE BEEN VERY SERIOUS INDEED, HE ADDED.
MR PAGLIARI SAID THE FUND PAID OUT $13.5 MILLION TO 5.890 EMPLOYEES AND $15 MILLION TO 5,813 EMPLOYEES IN ITS FIRST AND SECOND YEAR RESPECTIVELY.
HE SAID THE FUND WAS FINANCED BY A LEVY OF $100 PER ANNUM ON BUSINESS REGISTRATIONS AND ITS SIZE, THE AMOUNT AVAILABLE ΤΟ ASSIST WORKERS, HAD INCREASED FROM $39.5 MILLION AT THE END OF ITS FIRST YEAR OF OPERATION TO $68.1 MILLION AS AT MARCH 31, 1987.
HE ALSO SAID THE FUND WAS PROJECTED TO RISE ΤΟ $83. 1 MILLION BY THE END OF THE CURRENT YEAR'S ACTIVITY, ASSUMING THAT THE PROPOSED AMENDMENT WAS INTRODUCED ON AUGUST 1 THIS YEAR.
"THE OPPORTUNITY HAS ALSO BEEN TAKEN TO REVIEW OTHER ASPECTS OF THE ORDINANCE AFTER ITS FIRST TWO YEARS OF OPERATION AS A RESULT OF WHICH TWO AMENDMENTS ARE CONTAINED IN THE BILL, MR PAGLIARI SAID.
D
"THE FIRST OF THESE REMOVES THE INFLEXIBILITY VARIOUS FORMS ΤΟ BE PRESCRIBED BY REGULATION AND COMMISSIONER FOR LABOUR TO APPROVE THE FORMS USED.
OF REQUIRING PERMITS THE
"THE SECOND AMENDS THE BANKRUPTCY ORDINANCE AND THE COMPANIES ORDINANCE TO REMOVE AN INCONSISTENCY WITH THE PROTECTION OF INSOLVENCY ORDINANCE WHICH ARISES BECAUSE OF THE TIME IT PRESENT WINDING UP OR BANKRUPTCY PETITIONS.'
WAGES ON TAKES TO
HE SAID BOTH AMENDMENTS WOULD HELP ENSURE THE OPERATION OF THE FUND.
EFFICIENT
IN PAGLIARI