WEDNESDAY, JULY 8, 1987
45
NEW FEES FOR WINDING UP OF COMPANY APPROVED
AN AMENDMENT ORDER WHICH PRESCRIBES A NEW SCALE OF AND ASSETS REALISED
FEES TO BE PAID IN RESPECT OF THE
AD VALOREM BROUGHT TO
CREDIT IN THE COMPULSORY WINDING UP OF A COMPANY, WAS APPROVED BY LEGISLATIVE COUNCIL THIS (WEDNESDAY) AFTERNOON.
WERE
THE
(AMENDMENT} ORDER YAXLEY, EXPLAINED
MOVING THE COMPANIES (FEES AND PERCENTAGES) 1987, THE ACTING FINANCIAL SECRETARY, THE HON JOHN THAT THE NEW FEES
PAYABLE UPON SUBMISSION OF ACCOUNT TO THE OFFICIAL RECEIVER OR, WHERE THE OFFICIAL THE LIQUIDATOR, BEFORE HE WAS RELEASED.
A
LIQUIDATOR'S RECEIVER WAS
THE AD VALOREM FEES
"COMPARED WITH THE EXISTING AUDIT FEES, TEND TO BE MARGINALLY HIGHER IN SMALL CASES AND CONSIDERABLY LOWER LARGE CASES," HE SAID.
IN
OF AD VALOREM REVENUE, MR
THE REPLACEMENT OF AUDIT FEES BY THE NEW SCALE FEES WOULD NOT RESULT IN ANY SIGNIFICANT CHANGE IN TOTAL YAXLEY SAID.
THE
ALSO
PROVIDED
TRANSITIONAL ACCOUNTS
ORDER AMENDMENT
FOR ARRANGEMENTS WHICH SET OUT THE MANNER IN WHICH LIQUIDATORS' THAT HAD ALREADY BEEN SUBMITTED WOULD BE TREATED,
"THE UNDERLYING PRINCIPLE IS THAT THE FEE TO BE CHARGED BE THE LOWER OF THE FEE CALCULATED UNDER THE OLD SCALE AND THAT THE NEW SCALE, MR YAXLEY ADDED.
ALSO
APPROVED
BY
THE
LEGISLATIVE
WAS
SHOULD UNDER
THE COUNCIL TODAY
1987 WHICH AMENDED COMPANIES (WINDING-UP) (AMENDMENT (NO. 2) RULES
IN CONSEQUENCE OF THE RULE 160 OF THE COMPANIES (WINDING-UP) RULES
THE AMENDMENTS TO SECTION 295 OF THE PRINCIPAL ORDINANCE, EFFECTED BY COMPANIES (AMENDMENT) (NO.2) ORDINANCE 1987.
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